The Business Times

Oil prices

Energy & Commodities

Oil prices rise 1% as Iran crisis disrupts Middle East supply

OIL prices rose 1 per cent on Wednesday as the US-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump raised the possibilit...

Prices of petrol have largely climbed as a conflict in the Middle East which has shut a crucial channel for oil supplies escalates with no end in sight.
Companies & Markets

Pump prices in Singapore rise amid widening Middle East conflict

Global energy prices have surged as the US-Israel war on Iran halted exports from the oil-and-gas rich region

Brent futures settled at US$3.66, up 4.7 per cent, at US$81.40 a barrel on Tuesday, its highest settlement since January 2025.
Energy & Commodities

Oil prices jump 4.7%, settle at highest since January 2025 on Middle East conflict

[NEW YORK] Oil prices settled up 4.7 per cent on Tuesday, the highest since January 2025, as US-Israel battles with Iran intensified, disrupting energy shipments from the Middle East and stoking fears...

Prices have surged more than 10% since the US and Israel launched attacks on Iran over the weekend.
International

Trump says US will escort, insure oil tankers amid Iran war

The administration is also seeking to address high prices for consumers as petrol prices at the pump have already jumped to the highest levels in five months

“Assuming the worst case, if the oil price goes as high as US$90 to US$92 per barrel, in those conditions, without adjusting our current budget, the deficit will increase to around 3.6 per cent of GDP,” says Finance Minister Purbaya Yudhi Sadewa.
International

Indonesia will keep budget deficit below 3% of GDP as Middle East conflict lifts oil prices

The 2026 budget assumed a domestic crude oil price of US$70 per barrel

Above: A sign displaying the prices at a petrol station in the US. Oil prices spiked more than 10% on Monday (Mar 2), a clear expression of concern about access to global energy supplies.
International

Global economy is facing the prospect of another profound shock

Any event that extends the US-Iran conflict, or threatens sources of oil and gas, is likely to lift energy prices to levels that will sow inflation

A quarter of Indonesia’s crude oil imports come from the Middle East, Energy Minister Bahlil Lahadalia said.
Asean Business

Indonesia to import more crude oil from US as Middle East conflict escalates, minister says

The government is monitoring the impact of higher crude oil prices on fuel subsidy spending

Jahangir Aziz, JPMorgan's global co-head of economic research (left) and Serene Chen, head of credit, currency and emerging market sales for Asia-Pacific. Aziz says unless oil infrastructure is affected or the Strait of Hormuz faces a sustained disruption, the impact of the Middle East conflict should be regional.
International

Middle East conflict unlikely to trigger global economic shock, says JPMorgan as it keeps US$60 oil view

Market behaviour so far suggests investors are pricing in a ‘relatively short event or regional conflict’

Major Asian markets like China, India, South Korea and Japan are among the most reliant on oil that needs to transit Hormuz.
Global Enterprise

Asian oil refiners could cut run rates on Hormuz logjam

Some major processors are looking at run cuts of 20 to 30% as dozens of oil-laden tankers remain stuck in the Persian Gulf

US Secretary of State Marco Rubio speaks to the media on Capitol Hill in Washington, D.C., March 2, 2026.
Energy & Commodities

US will take action to mitigate oil price spike for Americans, Rubio says

Average US retail petrol prices crossed US$3 a gallon for the first time since November on Monday

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