Mubasher: Safe-havens and currencies of oil-exporting countries climbed on Monday, while the US dollar dropped, after an attack on Saudi Arabia’s oil installations, which knocked out more than 5% of global supply, CNBC reported.

Yemen’s Iran-backed Houthi movement claimed the responsibility for the strikes on two crude processing facilities in Abqaiq and Khurais, which resulted in an output cut of 5.7 million barrels per day (bpd).

Oil prices surged, with global benchmark Brent crude futures climbing as much as 19.5% to $71.95 per barrel (pb).

The Canadian dollar (CAD) and the Norwegian krone (NOK) both climbed against the US dollar along with the surging crude prices as with their respective countries are key oil producers.

“The natural flow through of higher prices has seen the NOK and the CAD outperform, and we’ll probably see a better feel towards the [Russian] rouble later on,” Melbourne-based brokerage Pepperstone Group Chris Weston research head was quoted by CNBC.

By 10:50 am GMT, the USD/CAD pair dropped by 0.19% to CAD 1.3263, while the USD/NOK stood stable at NOK 8.9868.

Meanwhile, in India, a major importer of the commodity, the rupee (INR) dropped, with the USD/INR pair surging by 0.90% to INR 71.5650.

The attacks on the Saudi facilities weighed on last week’s solid risk-on sentiment, boosting safe-haven currencies.

The Japanese yen (JPY), as the USD/JPY pair fell by 0.32% to JPY 107.7400, while Swiss franc (CHF) ticked down by 0.03% to 0.9907.

For the US dollar, the index which gauges the greenback against six key rivals, was 98.36.

Beyond the oil volatility, currency market participants are awaiting the meetings of major central banks, including the US Federal Reserve and the Bank of Japan (BoJ) due this week.

In the UK, Prime Minister Boris Johnson’s confidence of clinching an agreement with the European Union (EU) to leave the bloc by 31 October dragged the pound (GBP) down.

The GBP/USD pair dropped by 0.38% to $1.2453, after hitting a seven-week peak of $1.2486.