Oil prices rise in early trading in Asia, affected by concerns over sustained supply disruptions.

Concerns about ongoing supply disruptions caused by the conflicts in the Middle East have pushed oil prices higher in early trading. Near-month West Texas Intermediate crude futures rose 2.1% to $95.43 per barrel, while near-month Brent crude futures rose 1.95% to $102.16 per barrel. Despite pressure from US President Trump on allies to help reopen the Strait of Hormuz, most allies have rejected his demands. Warren Patterson of the Dutch International Group said in a research report, "While the US government has proposed insurance guarantees and naval escorts, neither has been implemented yet." The head of commodity strategy added, "There are reports that naval escorts could start by the end of March, which means that serious disruptions could persist until then."