India, July 20 -- The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the European session on Monday, as the crude oil prices surged after the hostilities between the U.S. and Iran intensified raising the possibility of a full-scale conflict and closing the Strait of Hormuz to maritime traffic. Brent crude prices surged over 2 percent above $90 a barrel for the first time since mid-June after U.S. forces struck Iran for a ninth consecutive day and Iran retaliated by firing missiles toward Jordan that risked widening the conflict into neighboring Israel.
The U.S. Benchmark West Texas Intermediate (WTI) hit values slightly above $84.00 a barrel.
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