Oil prices surged above $90 a barrel on Monday as the escalating military confrontation between the United States and Iran heightened concerns over supplies from the Gulf, with shipping through the Strait of Hormuz remaining severely disrupted following another night of attacks.
Oil prices edged higher on Monday after fresh exchanges of fire between the US and Iran renewed concerns over the security of shipping through the Strait of Hormuz, highlighting the fragility of an interim peace agreement reached earlier this month.
Subsidised fuel prices in Indonesia will remain unchanged through the end of 2026, Energy and Mineral Resources Minister Bahlil Lahadalia said.
European gas prices have surged following rising tensions in the Middle East, as failed ceasefire talks between Iran and the US unsettle global energy markets.
Oil prices surged nearly 30% to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
