Oil edges toward $100
Global crude prices have surged toward $100/barrel as traders price in supply risks from West Asia and renewed Red Sea tensions—stoking fresh inflation fears for petrol and diesel worldwide. That spike, coupled with sensitive currency markets, is reviving talk of broader inflationary pressure even as most economists stop short of forecasting a full recession. (moneycontrol.com) (hindustantimes.com)
Brent settled at $112.57 a barrel and U.S. West Texas Intermediate closed at $99.64 on March 27, marking weekly gains of about 53% and 45% respectively since late February. (reuters.com) (money.usnews.com) The International Energy Agency on March 11 authorised a record 400 million‑barrel release from member emergency stocks to calm markets, and the U.S. committed 172 million barrels from its Strategic Petroleum Reserve to be delivered over roughly 120 days. (iea.org) (iea.org) (energy.gov) (energy.gov) OPEC+ members agreed on March 1 to modestly unwind voluntary cuts by adding 206,000 barrels per day to production starting in April, a move officials said would be reviewed monthly. (opec.org) (opec.org) Yemen’s Iran‑aligned Houthi movement signalled on March 27–28 that it was prepared to intervene and on March 28 claimed a missile strike toward Israel, reviving market concern over renewed Red Sea and Bab al‑Mandeb disruptions. (reuters.com) (al-monitor.com) (apnews.com) (apnews.com) Major marine insurers and mutual P&I clubs have pulled or cancelled war‑risk cover for Persian Gulf transit and insurers are quoting premiums that have more than doubled for Red Sea voyages, with some war‑risk rates near 0.7–1.0% of vessel value. (bloomberg.com) (bloomberg.com) (beinsure.com) (beinsure.com) The oil shock has pushed the U.S. dollar higher while hitting emerging‑market currencies; India’s rupee fell to record lows in late March as traders priced a prolonged energy squeeze. (bloomberg.com) (bloomberg.com) (reuters.com) (msn.com) U.S. diesel futures and pump prices have jumped sharply—diesel topped $5 a gallon in mid‑March and national retail gasoline averages rose roughly 27% from the start of the conflict—adding immediate upside to headline inflation measures. (cnbc.com) (cnbc.com)
