Finance minster says budget safe despite rebound in global oil prices

Brent spikes as Red Sea attacks reignite fears, clouding hopes of another fuel price cut

After almost two weeks of overnight US attacks on Iran, followed by Houthi rebel strikes on two Saudi oil tankers in the Red Sea this week, the oil price has shot up above $100 per barrel yet again.

These estimates are based on the 4-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.