Due to concerns over ongoing conflict in the Middle East and disruptions in crude oil supply, international oil prices continued to rise sharply on the 6th.
At the close of trading that day, the price of light crude oil futures for April delivery on the New York Mercantile Exchange rose by $9.89 to settle at $90.90 per barrel, an increase of 12.21%. Meanwhile, May delivery London Brent crude oil futures rose by $7.28 to close at $92.69 per barrel (approximately 365.56 ringgit), an increase of 8.52%.
Market institutions pointed out that due to severe disruptions to global oil supply caused by conflict in the Middle East, the market may face a daily oil supply shortfall of 7 to 11 million barrels. Although the United States claims it may take measures to escort oil tankers and temporarily allow India to purchase Russian crude oil, the supply shock has still driven oil prices up by more than 20% this week.
Qatar's Minister of State for Energy Affairs, Saad al-Kaabi, said in a media interview on the 6th that if oil tankers cannot pass through the Strait of Hormuz, Gulf oil exporters will halt production within days, and crude oil prices could reach $150 per barrel in the coming weeks.