FX markets

Daily Market View 12-03-2026

Listen to this daily briefing

1:19

Missile strike on Omani terminal ruins chances of a quick return of Oil

1 Minute Market Rundown

Iran fires missiles into Omani tanker terminal, with Omanis evacuating every ship out to sea
Damage to that terminal means that one of the last capable of exporting Gulf Oil around the world is out of commission
Dollar rallies further off the back of the spike in Brent that has followed the attack

USD -

In a repeat of situations we have see again and again over the past week and a half, Oil prices are again surging this morning owing to another attack on vital Oil infrastructure. This time, am Iranian missile has struck one of the world's most important Oil tanker terminals in Oman, removing yet another kernel of hope for a quick and simple end to the war.

Screenshot 2026-03-12 075459

Good news for the Dollar, bad news for everyone else, two further Oil tankers were also hit by missiles off the Iraqi coast. A tired Trump reiterated again in a press conference last night that the war was "very complete" and will be over "very soon". Odds markets are not so sure, with Polymarket giving the chances of a ceasefire by the end of this month only a 30% chance.

Oil is now back at $95 a barrel, whilst Gas prices are also back climbing despite dropping yesterday, it's very alarming in terms of the potential impact, but neither side seems especially bothered.

Markets Today

*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer or check online for a live quote.

Today's Economic Calendar

Major Economic Releases (All times in GMT)

No major releases

Book Currency Workshop

Learn how market shifts impact your FX need or your business, directly from our analyst in a free consultation by good old fashioned phone call.

Book now

Sign up for the monthly outlook

The currency markets never sit still. Neither should your plans. Join 45 minutes of practical, jargon-free analysis on what’s moving the markets—and what it means for you or your business.