NEW YORK: Oil prices settled up 4.7% on Tuesday, the highest since January 2025, as US-Israel battles with Iran intensified, disrupting energy shipments from the Middle East and stoking fears of a longer conflict. Brent futures settled up US$3.66, or up 4.7%, at US$81.40 a barrel, its highest settlement since January 2025. US West Texas Intermediate crude settled up US$3.33, or 4.7%, at US$74.56, the highest settlement since June. 2 crude producer in the Organization of the Petroleum Exporting Countries behind Saudi Arabia, cut production by nearly 1.5 million barrels a day. Tankers and container ships are avoiding the Strait after insurers cancelled coverage for vessels and global oil and gas shipping rates soared.

Source: The Star March 04, 2026 01:04 UTC