Oil price up nearly 2% in early Asian trade

2026-03-05 - 00:14

The conflict between the US, Israel and Iran that began on Saturday has effectively closed shipping through the vital Strait of Hormuz. (EPA Images pic) TOKYO: Oil prices rose nearly 2% in early Asian trade on Thursday off the back of persistent worries about supplies because of the Middle East conflict. At around 11.10pm GMT West Texas Intermediate, having closed barely changed on Wednesday at US$74.66 per barrel, was up 1.86% at US$76.05 per barrel. Brent North Sea Crude, which ended the previous day flat at US$81.40 per barrel, was not being traded. The conflict between the US, Israel and Iran that began on Saturday has effectively closed shipping through the Strait of Hormuz. A fifth of the world’s seaborne crude oil travels through the waterway as well as considerable volumes of liquefied natural gas (LNG). President Donald Trump sought to allay concerns about oil supplies being choked off, saying Tuesday that the US Navy was ready to escort oil tankers and that the United States would offer shippers insurance. The Omani navy rescued on Wednesday 24 crew members of a Malta-flagged container ship struck by missiles while transiting the strait, state media said. It was the fourth reported attack in regional waters within 24 hours, after projectiles struck or landed near three other vessels off the Emirati and Omani coasts. Iran’s Revolutionary Guards said on Wednesday they had “complete control” over the vital waterway. US equities finished solidly higher on Wednesday, with the S&P 500 up 0.8%, and European markets also gained ground. Asian stocks fell sharply however.