📈 Global Oil Prices Rise Amid Ongoing Volatility

Oil prices edged up on Friday but are set for their first weekly decline since early February. While a temporary pause in attacks on Iran’s energy plants provided slight relief, the market remains under intense pressure due to the ongoing conflict. • Market Prices: Brent crude rose 1.73% to US$ 109.88/bbl, while WTI increased 1.66% to US$ 96.05/bbl. Despite the daily gain, weekly prices are down roughly 2.1%–2.3%. • Supply Impact: The month-old war has removed approximately 11 million barrels per day from global supply. The IEA has categorized this crisis as more severe than both 1970s oil shocks combined. • Historical Context: Since the conflict began in late February, Brent has surged 52% and WTI 43%, significantly impacting global energy costs and import-dependent economies like Sri Lanka. • Economic Outlook: While the pause in energy plant strikes offers a marginal cooling, investors remain cautious regarding a formal ceasefire. High energy costs continue to pose a risk to the transportation and manufacturing sectors.