Global oil prices climbed sharply over the past week, with diesel reaching an all-time high, according to a report from SINDOnews Ekbis. The surge comes amid escalating tensions between Iran and the United States, which have stoked fears of supply disruptions in key producing regions.
SINDOnews Ekbis reported that crude prices "boiled" during the week, while diesel prices broke previous records. The report did not specify exact price levels or the percentage increase for diesel, but noted the milestone was reached as markets reacted to geopolitical developments.
The price jump was driven largely by intensifying conflict involving Iran, according to CNBC Indonesia, which reported that oil prices flew nearly 10% in a single week. That outlet attributed the rally directly to the heating up of the Iran war, a factor that has repeatedly shaken energy markets in recent weeks.
KONTAN also highlighted the broader trend, reporting a surge in energy commodity prices amid supply concerns. The outlet linked the increases to worries that ongoing tensions could cut off or reduce flows of crude from the Middle East, a region that supplies a significant share of the world's oil.
Market observers have urged caution despite the sharp gains. Ashmore, an investment firm, said via Indo Premier Sekuritas that one week is not enough to confirm a new trend, suggesting traders should remain wary of volatility. The comment reflects uncertainty over whether the price spike will hold or reverse if diplomatic efforts gain traction.
Gulf stock markets closed mixed as investors weighed the US-Iran standoff, according to Investing.com Indonesia, indicating that the conflict's impact on financial markets has been uneven so far.
What to watch next: Whether diplomatic moves can de-escalate the Iran situation, and if diesel prices extend their record run or ease as supply fears subside.
