PRECIOUS METALS | Oil Prices Surge Amid Hormuz Strait Closure Concerns

Oil futures have rebounded from a two-week low, reaching their highest level since late January. According to RTHK, Iranian state media reported that parts of the Hormuz Strait will be temporarily closed due to military exercises, raising concerns about potential disruptions in oil supply. Meanwhile, negotiations between Ukraine and Russia in Geneva have yet to achieve any significant progress. In New York, March crude oil closed at $65.19 per barrel, marking an increase of $2.86 or 4.59%. Brent crude for April delivery settled at $70.35 per barrel, up by $2.93 or 4.35%.