Brent crude oil futures have surged 3.7% to over $79 per barrel, driven by new U.S. sanctions on Russia's oil industry and weather-related supply concerns, according to Morgan Stanley's latest Global Macro Commentary. The report, dated January 10, 2025, highlights the impact of geopolitical tensions and adverse weather conditions on oil prices. "Brent crude oil futures rise 3.7% to over $79/bbl amid reports of new US sanctions on Russia's oil industry and weather-related factors," Morgan Stanley analysts note. Despite the rise in oil prices, oil-sensitive currencies like the Canadian dollar and Norwegian krone weakened, reflecting broader U.S. dollar strength. The USD/CAD and USD/NOK pairs increased by 0.3% and 0.7%, respectively, as the DXY index climbed 0.4% to 109.64. This development underscores the complex interplay between geopolitical events and currency markets, with the dollar's strength overshadowing gains in oil-linked currencies.