📈 Global Oil Prices Edge Up Amid Supply Disruptions

Oil prices saw a slight recovery on 10 April 2026 as supply constraints offset recent weekly losses. While benchmarks rose, they remain down approximately 11% for the week, marking the sharpest decline since June 2025. • Global Benchmarks: Brent crude rose by 0.6% to US$ 96.50 per barrel, while West Texas Intermediate (WTI) increased by 0.5% to US$ 98.36. • Supply Disruptions: Strikes on Saudi energy facilities reduced output by 600,000 bpd and cut pipeline flows by 700,000 bpd. This tightening of supply is critical for Sri Lanka’s energy sector and import costs. • Logistics Constraints: Tanker traffic through the Strait of Hormuz remains below 10% of normal levels due to US-Iran tensions, severely impacting global maritime logistics and transit routes. • Economic Context: For Sri Lanka, these fluctuations in global fuel prices directly impact inflation and foreign exchange reserves, as the country remains heavily dependent on imported petroleum products for transportation and power generation.