International crude oil prices surged 4.7% on March 3, hitting their highest closing level since January 2025.

The sharp rally was driven by escalating military actions in the Middle East, which disrupted energy transportation routes and heightened market fears that the conflict could persist for an extended period.

West Texas Intermediate (WTI) crude for April delivery increased by US$3.33 (4.67%), reaching US$74.56 per barrel on the New York Mercantile Exchange.

Brent crude for May delivery rose by US$3.66 (4.71%) to US$81.40 per barrel. Brent crude prices have grown by a cumulative 12% since the conflict began on February 28.