By Nur Atiq Maisarah Suhaimi
KUALA LUMPUR, March 12 (Bernama) -- Global energy markets remain highly volatile as the West Asia conflict entered its 13th day, pushing oil prices above US$101 per barrel despite a record release of emergency reserves by the International Energy Agency (IEA).
The escalating hostilities have disrupted global oil supply chains, particularly through the Strait of Hormuz, a key maritime route for the world’s energy trade.
Exports of crude and refined petroleum products through the waterway have plunged to less than 10 per cent of pre-conflict levels, the IEA said, according to Xinhua News Agency.
The deteriorating security situation has also affected oil infrastructure and shipping activities across the region.
In Iraq, authorities halted operations at southern oil ports after what was described as a “cowardly act of sabotage” targeted two oil tankers in territorial waters near Basra, although commercial ports continued to operate normally. The attack killed at least one crew member and sparked a massive fire on one of the vessels, Anadolu Ajansi reported.
Elsewhere in the Gulf, Saudi Arabia’s air defence systems intercepted 18 drones targeting the kingdom’s eastern region and the Shaybah oil field.
Fuel storage tanks in Bahrain’s Muharraq Governorate were also targeted in strikes attributed to Iran, while drones struck fuel tanks at Salalah Port in Oman on Wednesday, although no casualties were reported, according to Anadolu Ajansi.
The economic repercussions of the conflict are being felt globally.
In the United States, President Donald Trump announced the release of 172 million barrels from the US Strategic Petroleum Reserve — the world’s largest emergency stockpile — in a bid to ease surging oil prices, the German Press Agency (dpa) reported.
Governments across Asia have moved to reassure the public over energy security and the adequacy of oil reserves.
In Malaysia, Prime Minister Datuk Seri Anwar Ibrahim said the country’s petroleum supply remains stable, noting that a review with Petronas found petroleum product supplies are sufficient at least until May 2026, while neighbouring Singapore has established a fuel stockpile of gas and diesel that power generation companies can tap should supplies be severely disrupted by the ongoing conflict in West Asia.
Meanwhile, Indonesia said fuel and gas supplies remain sufficient to meet domestic demand, as authorities prepare mitigation measures to cushion the impact of global energy price fluctuations on the state budget.
At the same time, Persian Gulf countries have reduced oil production by at least 10 million barrels per day (mb/d) following disruptions to shipping routes through the Strait of Hormuz, the IEA said in a report on Thursday, according to Sputnik / RIA Novosti.
In Europe, a group of countries has announced plans to release emergency oil stocks after the IEA recommended a record drawdown from reserves to help stabilise surging energy prices amid escalating tensions in the Middle East, Xinhua reported.
In Bangladesh, the government is seeking to secure diesel imports from India, Malaysia, Singapore, China and Indonesia to ease pressure on energy supplies, with India supplying about 10,000 metric tonnes of diesel through the Bangladesh-India Friendship Pipeline, Anadolu Ajansi reported.
Tensions in West Asia have remained high since Feb 28, when US and Israeli strikes on Iran triggered retaliatory attacks by Tehran, raising concerns over prolonged disruptions to global energy supplies.
-- BERNAMA
