International crude oil prices surged on March 5 as escalating conflicts in the Middle East intensified disruptions to global oil supplies. Moreover, shipping through the Strait of Hormuz has nearly come to a standstill, while Iraq and Qatar have shut down parts of their oil and natural gas production capacity.

West Texas Intermediate (WTI) crude for April delivery increased by US$6.35 (8.51%), reaching US$81.01 per barrel on the New York Mercantile Exchange, marking a new high since July 2024. Brent crude for May delivery rose by US$4.01 (4.93%) to US$85.41 per barrel.