USD/CAD, USD/JPY eye oil spike as Hormuz mine strikes disable two tankers

Iran's Islamic Revolutionary Guard Corps claims two more oil tankers have been disabled after striking mines in the Strait of Hormuz, extending a run of shipping incidents in the chokepoint that handles roughly a fifth of global seaborne crude. The IRGC statement reiterated that it had 'previously warned of the dangers of passing through the mined channel,' signalling Tehran's willingness to target energy flows in response to further US escalation. For FX markets, the immediate transmission channel is crude: WTI has already pushed above $90.00 and any sustained premium supports the commodity-linked CAD while penalising energy importers, notably JPY and EUR. USD/CAD faces downside pressure toward the 1.3600 area on higher oil, while USD/JPY remains bid on Japan's deteriorating terms of trade, with the 160.00 handle in focus. Safe-haven demand favours USD and CHF, keeping EUR/USD capped near 1.1500 and pressuring AUD/USD and NZD/USD as risk appetite deteriorates. Traders should expect elevated intraday volatility around shipping headlines and insurance-rate updates, with wider spreads likely during Asian hours.