oil
Singapore: Oil prices retreated today after Donald Trump urged countries to contribute to safeguarding the Strait of Hormuz, the world’s most critical route for crude oil and natural gas shipments.
Brent crude futures slipped 24 cents (0.23 percent) to $102.90 per barrel, trimming gains recorded in the previous session when prices rose by $2.68.
Meanwhile, West Texas Intermediate crude declined $1.07 (1.08 percent) to $97.64 per barrel, following an increase of nearly $3 in the prior trading session.
Despite the latest pullback, both benchmarks have surged by more than 40 percent this month, reaching their highest levels since 2022, amid supply disruptions linked to US and Israeli strikes targeting Iran, which have affected about five percent of global oil supplies.
The International Energy Agency announced that a record release of more than 400 million barrels from strategic petroleum reserves will soon be injected into global markets. The move represents an unprecedented intervention aimed at easing price pressures caused by the escalating conflict in the Middle East
