The Norwegian krone is often regarded as the currency that most accurately reflects the movement of oil versus other foreign currencies, particularly dollars and euros. If oil prices rise, the krone strengthens, and vice versa if oil prices decrease. At the same time, geopolitics, inflation, and logistical issues are bound to have an impact.

The key phase of strengthening for the krone, like all oil-dependent currencies, was September and October. The Norwegian currency then nearly touched 9 units per Swiss franc, approaching last year's may highs. After that, despite the largest rise in oil prices since 2014, geopolitical tensions, in which Norway, as a nation through which the sea route to Russia passes, could not but play a passive role, as well as growing inflation, began to work against the krone. In the future weeks, the most likely scenario for this currency pair is movement between 9.4 and 9.8 Krones per franc.