ESDM on alert as oil swings hit; fuel, LPG imports diversified
Officials say the alert posture has been in place since the February 2026 energy crisis, alongside larger stocks to protect supply.
Officials say the alert posture has been in place since the February 2026 energy crisis, alongside larger stocks to protect supply.
Why it matters: Brent traded above $85 and the IEA warned prolonged disruption around Hormuz and the Red Sea could tighten global supply.
Brent rose to US$85.11 a barrel as ship traffic through Hormuz fell sharply to 14 vessels on Sunday.
Why it matters: renewed attacks rattled traders already worried about inflation and disruption to shipping through the Strait of Hormuz.
What's new: Brent closed at $96 and WTI at $93.76 as the market weighed stalled US-Iran contacts and a largely shut strait.
Rising energy import costs, dividend payments and foreign debt obligations are adding to domestic demand for dollars.
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