European shares extended losses on Thursday as oil prices touched $100 a barrel earlier in the session, which brought concerns about inflation amid the war in the Middle East to the forefront again.

Oil prices surged more than 8% with Brent crude hitting $100 per barrel Thursday, as traders remain unconvinced that release of government stockpiles could offset the massive supply shock triggered by the war in the Middle East.

While oil prices went sky high this week, the Canadian dollar barely benefited from the move. Actually the petroloonie has gone for years with the currency hitting its 22-year low in February 2025.

The Australian dollar jumped on Wednesday as oil prices tumbled. Trader awaited cues on what comes next in the US-Israeli war with Iran while mixed messages on a resolution to the conflict kept sentiment frail.

The euro pared its earlier gains on Tuesday on speculation that the war in the Middle East could prove limited on Tuesday. Analysts warned earlier this week the price of oil could keep rising.

Oil surged on Monday while Asian equities slumped as the growing conflict in the Middle East intensified concerns over petroleum supply disruptions and rising inflation in the region.

Oil fell for the first time in six days as Washington is considering potentially intervening in the futures market against rising energy costs and giving waivers to Indian refiners to buy Russian crude.

A senior commander from Iran’s Revolutionary Guards said Monday that the Strait of Hormuz had been shut and warned that any vessel attempting to transit the waterway would be targeted, Iranian media reported.

China's yuan rebounded from a one-month low on Thursday, after the central bank set its guidance at the strongest in nearly three years in a bid to calm nerves against the backdrop of Iran conflict.

The ASX 200 tumbled over 2% in early Asian hours on Wednesday amid the global rout, though Trump said the US Navy would escort ships through the Strait of Hormuz, if necessary.

A selloff in stocks deepened on Wednesday, as the conflict in Iran continues to rage on for a fourth day. The Nikkei 225 index plunged more than 2%, while the yen was also under pressures.

The Swiss franc jumped on Monday as investors sought safety after the US and Israel bombed Iran, killing Supreme Leader Ayatollah Ali Khamenei. US crude oil surged more than 8%.