📈 Global Oil Slips to $89.78 Amid Middle East Volatility

• Market Figures: Brent crude fell 1.06% ($ 0.96) to US$ 89.78/bbl, reversing a 7.91% spike. WTI dropped 0.76% ($ 0.64) to US$ 83.82/bbl, following a previous 6.56% surge. • Middle East Dynamics: Escalating conflicts—including U.S.-Saudi strikes on Iran-backed forces in Iraq and U.S. attacks on Iran—temporarily spiked prices. Price gains cooled as markets priced in geopolitical rhetoric and focused on actual supply flows. • Supply Flow: Around 13 million barrels per day continue to flow from the Gulf via alternative channels and workarounds, despite the closure of the Strait of Hormuz and a Red Sea blockade. • Impact on Sri Lanka: Easing global benchmarks provide temporary relief for Sri Lanka's high petroleum import bill. Lower energy prices help stabilize operational costs for key sectors, including apparel & textiles, tea processing, and logistics, supporting broader macroeconomic stability.