oil

THE BOTTOM LINE

Price of war: How the conflict with Iran is hitting the US economy

A longer-lasting escalation would shrink America’s forecasted expansion by more than half

Petrol prices in the United States have climbed 17%, and now average about US$3.50 per gallon, the highest level since 2024.

Short of ending Iran conflict, Trump has limited tools to lower oil prices

Possible options include waiving federal taxes or restricting US fuel exports, analysts say

On Monday, the price of Brent crude had briefly surged to US$119.50 per barrel, and US-produced West Texas Intermediate also briefly soared to US$119.48 per barrel.

Singapore, Asia stocks rebound after oil prices fall, reversing on Trump comments on Iran war

The STI closes 2.2% higher while the FTSE Bursa Malaysia KLCI advances 1.6%

US President Donald Trump said oil prices have not spiked as much as he had feared.

Trump says US is waiving certain oil-related sanctions to ensure supply

A prolonged spike in oil and petrol costs could cost Trump and Republicans at the midterm elections

The company has been rerouting some of its crude cargoes to the Red Sea port of Yanbu.

Saudi Aramco reducing output at two oilfields: sources

The specific fields affected and the extent of curtailed production are not immediately clear

Nomura analysts warn that the region faces stagflationary shock, the severity of which would depend on the duration of the disruption.

Oil shocks triggered by Middle East war ripple through South-east Asia

Oil-fuelled inflation is showing up in higher transport and food costs, electricity prices, fuel prices and bigger fuel subsidy bills for governments

Since Feb 28, when the US-Israeli war with Iran started, more than 37,000 Middle East have been cancelled, according to data from Cirium.

Airline shares battered as oil prices spike, Iran war intensifies

Some people have turned to private jets to leave the Middle East

A worker operates valves at the Rumaila oil field, Basra, Iraq, March 4, 2026. Exports from there are expected to halt completely at around 8 pm local time (1700 GMT) on Sunday.

Iraqi oil production collapses with Strait of Hormuz blocked by conflict, sources say

A drop in Iraq’s oil production and exports is set to strain the country’s already fragile finances

Asia sources 60% of oil, petrochemical feedstock from Middle East.
NEWS ANALYSIS

Asia has limited options to diversify from Middle East energy reliance

Distance, refinery logistics, contracts and cost are factors

Military strikes in the Middle East are spilling into the Gulf while their impact reverberates into South-east Asia.

Middle East war jolts oil, dollar gains, Asia tech winners emerge

Geopolitics vs. economics - Middle East conflict drives oil prices and stagflation fears; the safe-haven dollar rises, challenging gold.