During trading on March 18, international crude oil prices continued their upward trend amid growing concerns over the escalation of the Middle East conflict. The May-delivery London Brent crude futures contract briefly surged above US$110 per barrel intraday.

The ongoing war has also disrupted shipping through the Strait of Hormuz, a critical chokepoint that handles approximately 20% of the world’s oil and liquefied natural gas (LNG) supply. According to Citigroup analysts, a prolonged closure of the strait would likely cause Brent crude prices to rise significantly and persistently.

West Texas Intermediate (WTI) crude for April delivery increased by US$0.11 (0.11%), reaching US$96.32 per barrel on the New York Mercantile Exchange. Brent crude for May delivery rose by US$3.96 (3.83%) to US$107.38 per barrel.