Asian crude oil futures rise in early trading on concerns of supply disruptions

Crude oil futures rose in early trading due to concerns about supply disruptions. The near-month WTI crude oil futures rose 1.1% to $99.81 per barrel, while the near-month Brent crude oil futures rose 1.5% to $104.68 per barrel. US President Trump announced on Friday that the US had bombed military targets on Iran's Kharg Island, the main oil export terminal in Iran. Trump threatened that if Tehran did not allow oil tankers to pass freely through the Strait of Hormuz, the next step would be to target Iran's oil infrastructure. Rui Zhide Energy stated in an email, "The most concerning reality is that the worst may still be ahead." Rui Zhide Energy's analysis suggests that in the worst-case scenario, oil production in the Middle East could drop to around 6 million barrels per day, a 70% decrease from the baseline level before the conflict.