Global crude oil prices climbed sharply on Monday, nearing 52-week highs as fears of supply disruptions in West Asia intensified amid the ongoing US-Israel-Iran conflict.
Brent crude futures advanced up to 2.01 per cent, or $2.2, reaching $111.23 per barrel. West Texas Intermediate rose 3.53 per cent, or about $4, to $115.48 by 10:20 AM.
The rally follows a strong previous session when WTI surged over 11 per cent, and Brent gained nearly 8 per cent, marking their biggest single-day jumps since 2020.
Analysts noted that crude oil remains a key market driver, supported by persistent supply worries.
US crude is currently trading near the $110–$112 range, close to a significant resistance level.
A breakout above $115 could push prices toward $118–$120, while a drop below $109 may trigger a correction toward $106, with strong support between $100 and $102. The broader trend continues to remain bullish as long as these support levels hold.
Tensions escalated after US President Donald Trump warned of severe consequences if Iran does not reopen the Strait of Hormuz by his Tuesday deadline, raising fears of disruptions to global oil flows.
OPEC+ has agreed to increase output by 206,000 barrels per day in May, though analysts believe the move will have a limited impact on easing near-term supply concerns.
Domestically, crude futures on the Multi-Commodity Exchange (MCX) for the May 18 contract traded at Rs 9,276, up 0.9 per cent. The contract touched an intraday high of Rs 9,335.
Indian equity markets traded lower, with the Sensex falling 529 points to 72,790 and the Nifty declining 150 points to 22,561 in early trade.
Also Read: Strait Of Hormuz Tensions Push Oil Prices Higher; Raise Global Supply Chain Concerns
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