Global crude oil prices surged on Tuesday, climbing over 3 per cent amid intensifying geopolitical tensions involving Iran and a deadline set by US President Donald Trump to reopen the Strait of Hormuz.
Brent crude futures rose as much as 1.69 per cent, or $1.86, to reach an intraday high of $111.63 around 9:57 am. Meanwhile, US West Texas Intermediate crude futures jumped more than 3 per cent, gaining $4.15 to touch $116.56.
Oil prices have witnessed a significant rally since the conflict began, with Brent crude rising over 60 per cent from $72.48 on February 27 to $119.50 on March 9. The surge has been driven by supply concerns and heightened geopolitical risks in the region.
The latest gains follow renewed aggressive messaging from the US President on social media regarding the reopening of the Strait of Hormuz. He warned of severe consequences for Tehran if the deadline is not met, escalating fears of further disruption in global oil supply.
Iran, however, has reportedly rejected a ceasefire plan and continues its confrontation with the United States, adding to market uncertainty.
Strait Disruption And Market Impact
The Strait of Hormuz, a critical global oil transit route handling nearly one-fifth of worldwide oil flows, has remained disrupted since the conflict began on February 28. This has pushed crude prices sharply higher, with year-to-date gains nearing 90 per cent and average prices hovering around the $100 mark.
Equity markets reflected the cautious sentiment. Indian benchmarks, including the BSE Sensex and Nifty 50, declined by up to 1 per cent in early trade.
Globally, market trends remained mixed. Wall Street closed marginally higher, while Asian markets showed a varied performance.
Also Read: Iran Warns Of Wider Retaliation As US Threatens Strikes On Key Infrastructure
To read more such news, download Bharat Express news apps
