Singapore shares started the week lower, losing nearly 2% on Monday, echoing broader regional sentiments as oil prices booked a significant surge.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,697.52 and 4,778.38 throughout the day. It ended the session at 4,756.61, down 91.64 points or 1.9% compared to Friday's close.

In economic news, Singapore's foreign exchange reserves declined to SG$526.2 billion in February from SG$529.1 billion in January, according to data from the Monetary Authority of Singapore showed.

On the corporate front, shares of ASL Marine (SGX:A04) were down nearly 10% at the close as one of the tugboats of its associate company was involved in a marine incident in Indonesia, which resulted in five deaths and one injury.

Advanced Systems Automation's (SGX:WJ9) shares slumped 20% as its loss attributable to owners widened by more than 100% in the second half of 2025 to SG$14.4 million from SG$5.2 million a year earlier.

Meanwhile, shares of Beng Kuang Marine (SGX:BEZ) closed nearly 4% lower even though the company had agreed with Epsilon Navigation to establish a special purpose vehicle, Offshore Collective.