Oil markets have seen a sharp rally this week. Brent Crude has climbed about 20%, while West Texas Intermediate (WTI) has surged roughly 25%.

Sitting between Oman and Iran, the Strait of Hormuz is a crucial global shipping channel with more than 30,000 ships passing through it each year. Following the outbreak of the conflict in the Middle East, concerns have arisen about oil and gas exports through the strait being impacted. But at the same time, the threat of disruption to food supplies in the Gulf region are increasing, as states such as Kuwait, Bahrain and Qatar become effectively landlocked by the disruption.

IPOH (March 6): The Ministry of Finance is currently examining appropriate measures to maintain oil prices at existing rates despite facing the challenge of surging global crude oil prices, which have now surpassed the US$100 per barrel mark. Political Secretary to the Minister of Finance, Muhammad Kamil Abdul Munim, said the current tension between IranRead More

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