Oil Prices Eye $77.10 as Saudi Airport Attack Sparks Geopolitical Risk

Crude oil prices are pushing higher following reports from Tasnim News Agency of an attack on Abha International Airport in southern Saudi Arabia, reigniting geopolitical risk premiums across energy and forex markets. Traders are watching the $77.10 level as a key upside target, with a break above that threshold likely to attract further momentum buying. The attack underscores ongoing security concerns in the Middle East, a region critical to global oil supply. Rising oil prices tend to benefit commodity-linked currencies such as CAD and NOK while pressuring oil-importing nations' currencies, particularly JPY and EUR. USD/CAD could face downward pressure if crude continues to rally, as higher oil revenues support the Canadian dollar. Near-term market positioning is expected to remain sensitive to further geopolitical developments, with safe-haven flows potentially boosting USD, CHF, and JPY. Traders should monitor headline risk closely, as escalation could trigger significant volatility across major forex pairs.