<p><strong>Oil prices on March 16 eased as investors balanced hopes of shipping resuming via Strait of Hormuz with fears of further attacks on energy infra. Brent crude rose slightly while US crude fell. Markets showed mixed movement amid Middle East conflict.</strong></p><img><p>Global oil prices showed mixed movement on Monday as investors weighed hopes that shipping could soon resume through the crucial Strait of Hormuz while still worrying about new attacks on energy facilities in the region.</p><p>The Middle East conflict has now entered its third week, and markets remain highly sensitive to developments around oil supply and shipping routes. The Strait of Hormuz is one of the most important oil transport passages in the world, carrying a large share of global crude exports.</p><p>During early trading hours, oil prices had jumped sharply, with crude briefly moving above 100 dollars per barrel after reports of fresh attacks on energy infrastructure in the region. However, prices later eased as some signs emerged that shipping might resume through the vital waterway.</p><p>International benchmark Brent crude oil was up slightly by 0.1 percent at around 103.22 dollars per barrel by late morning trading. Meanwhile, the main US contract West Texas Intermediate crude oil dropped 1.6 percent to about 97.11 dollars per barrel.</p><p>Investors are closely watching the situation in the Gulf because any disruption to shipping through the Strait of Hormuz could significantly affect global oil supply and prices.</p><img><p>One of the developments that helped calm the market was the passage of a non-Iranian oil tanker through the Strait of Hormuz. The vessel travelled with its automatic tracking system switched on, according to shipping monitor MarineTraffic.</p><p>This movement came despite the major disruption that has affected shipping through the waterway in recent weeks. Several attacks and military actions in the region have made commercial vessels cautious about travelling through the narrow sea route.</p><p>Over the weekend, Donald Trump urged global powers to help reopen the shipping lane, which has been heavily affected by Iranian attacks.</p><p>At the same time, Keir Starmer said the United Kingdom was working with its allies on a plan that could safely reopen the Strait of Hormuz. Iran has declared the route closed to traffic linked to the United States and its allies, raising concerns about energy supply chains.</p><p>Meanwhile, Germany said the war that began after US-Israeli strikes on Iran was not connected to the defence alliance NATO.</p><p>Market analysts said investors were somewhat reassured that diplomatic and military discussions were under way to deal with the situation.</p><img><p>Financial markets reacted cautiously to the developments. Most European stock markets recorded gains, while Asian markets closed with mixed results.</p><p>In Europe, the FTSE 100 in London rose by 0.5 percent. The CAC 40 in Paris climbed 0.1 percent, while Germany’s DAX increased by 0.3 percent.</p><p>However, analysts warned that investor confidence remains fragile because the geopolitical situation is still uncertain.</p><p>In Asia, Japan’s Nikkei 225 closed slightly lower, falling by 0.1 percent. China’s Shanghai Composite Index also declined by 0.3 percent.</p><p>Hong Kong’s Hang Seng Index was the main exception in the region, rising by 1.5 percent.</p><p>The previous trading session in the United States had also seen losses, with the Dow Jones Industrial Average closing down 0.3 percent.</p><p>Market watchers said the movement across global markets reflects uncertainty about how long the conflict might continue and what it could mean for energy supply.</p><img><p>Earlier during Asian trading hours, oil prices had climbed sharply after reports of attacks on oil infrastructure on the east coast of the United Arab Emirates and strikes on Iran’s Kharg Island, which is a major oil export terminal.</p><p>These developments raised fears of a wider disruption to global oil supply.</p><p>At the same time, Iran signalled that it was willing to discuss safe passage for ships in the Strait of Hormuz with other countries.</p><p>Iran’s Foreign Minister Abbas Araghchi told CBS that Tehran was not interested in direct negotiations with Washington. However, he said Iran was ready to talk with other nations about ensuring safe movement through the waterway.</p><p>Military tensions in the region also continued on Monday. Saudi Arabia said it had intercepted more than 60 drones overnight.</p><p>Flights were briefly suspended at Dubai International Airport after a drone-related incident sparked a fire nearby.</p><img><p>Investors are also watching several important economic meetings scheduled for the week.</p><p>Major central banks including the Federal Reserve, Bank of England, European Central Bank and Bank of Japan are set to hold policy meetings.</p><p>Economists expect most of them to keep interest rates unchanged. However, traders are keen to hear how policymakers view the impact of the conflict and rising energy prices on global inflation and economic growth.</p><p>Analysts said central bank comments could influence financial markets if policymakers warn about the risk of a prolonged energy crisis.</p><p>Meanwhile, Japan announced that it had started releasing strategic oil reserves after members of the International Energy Agency agreed to use emergency stockpiles to help stabilise prices.</p><p>Market experts say the key issue for global markets remains the timing of when normal shipping can resume through the Strait of Hormuz.</p><p>If transit through the passage returns to normal, it could reduce pressure on oil prices even if the conflict itself continues.</p><p><strong>(With AFP inputs)</strong></p>
