# Oil price rises, Australian dollar falls as Strait of Hormuz remains effectively shut - ABC News

> Brent crude rose about 4% to near $104 a barrel after Iran rejected a Trump claim of talks, with the Strait of Hormuz still effectively closed. The Australian dollar fell 0.7% to 69.6 US cents, and WTI had dropped over 10% the previous day on a Trump deadline announcement.

- Date: 2026-03-24 · published 2026-03-24T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/20409-oil-price-rises-australian-dollar-falls-as-strait-of-hormuz-remains-effectively
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A continued Hormuz closure keeps crude, diesel and fertilizer costs high, lifting feed freight and production expenses and supporting vegetable oil and biofuel-linked prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- AUDUSD: bearish ▼
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-03-02 | [Oil prices soar amid Strait of Hormuz fears as Iran war intensifies](https://feedsoft.ai/events/12016-oil-prices-soar-amid-strait-of-hormuz-fears-as-iran-war-intensifies.md) | +31.0% | +62.6% |
| BRENT | 2025-12-22 | [Canadian dollar rises ahead of GDP data as oil prices climb \| Reuters](https://feedsoft.ai/events/21735-canadian-dollar-rises-ahead-of-gdp-data-as-oil-prices-climb-reuters.md) | +2.6% | +8.8% |
| BRENT | 2026-04-29 | [Crude oil price near three-week high as UAE leaves OPEC; Strait of Hormuz disruption, US-Iran tension persist \| Stock Market News](https://feedsoft.ai/events/19903-crude-oil-price-near-three-week-high-as-uae-leaves-opec-strait-of-hormuz.md) | -1.9% | -16.4% |
| BRENT | 2022-03-02 | [Oil price rises again as buyers shun Russian crude](https://feedsoft.ai/events/9459-oil-price-rises-again-as-buyers-shun-russian-crude.md) | +21.0% | +3.3% |
| BRENT | 2026-03-12 | [Oil settles up 9% as Iran vows to keep Strait of Hormuz closed \| Reuters](https://feedsoft.ai/events/6638-oil-settles-up-9-as-iran-vows-to-keep-strait-of-hormuz-closed-reuters.md) | +23.1% | +16.8% |
| WTI | 2026-03-02 | [Oil prices soar amid Strait of Hormuz fears as Iran war intensifies](https://feedsoft.ai/events/12016-oil-prices-soar-amid-strait-of-hormuz-fears-as-iran-war-intensifies.md) | +35.6% | +50.4% |
| WTI | 2025-12-22 | [Canadian dollar rises ahead of GDP data as oil prices climb \| Reuters](https://feedsoft.ai/events/21735-canadian-dollar-rises-ahead-of-gdp-data-as-oil-prices-climb-reuters.md) | +2.1% | +6.5% |
| WTI | 2026-04-29 | [Crude oil price near three-week high as UAE leaves OPEC; Strait of Hormuz disruption, US-Iran tension persist \| Stock Market News](https://feedsoft.ai/events/19903-crude-oil-price-near-three-week-high-as-uae-leaves-opec-strait-of-hormuz.md) | +2.2% | -10.9% |

## Sources

- abc.net.au: https://www.abc.net.au/news/2026-03-24/oil-price-spikes-higher-australian-dollar-falls-strait-of-hormuz/106490764

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.