[MARKET UPDATE] Oil continued to surge with WTI futures briefly rising above USD 111/bbl before pulling back from highs to around the USD 106/bbl level

The surge in WTI crude prices to briefly exceed USD 111/bbl signals strong market sentiment, likely driven by geopolitical tensions affecting supply. Although the pullback to around USD 106/bbl indicates some profit-taking, the overall upward movement suggests sustained demand concerns and inflationary pressure, which could impact broader market sentiment and currency valuations, particularly for commodity-linked currencies.