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Global oil prices moved higher on Monday, nearing the $100 per barrel level, as renewed tensions in West Asia raised concerns over supply disruptions.
The benchmark Brent crude saw a strong rise during trading, briefly touching close to $97 per barrel, while West Texas Intermediate also recorded significant gains, trading above $91.
In India, crude oil futures on the Multi Commodity Exchange climbed notably, reflecting the global uptrend.
The increase in prices followed statements from Iran indicating tighter control over the Strait of Hormuz, a crucial route for global energy shipments.
Iranian authorities warned that the passage had effectively been shut once again.
US President Donald Trump rejected the move, stating that Iran could not use the waterway as leverage against Washington.
Iran said its actions were a response to ongoing US restrictions on its ports, which it described as a breach of the existing ceasefire.
Supreme Leader Mojtaba Khamenei also said Iran’s naval forces stood ready to respond strongly if tensions escalated further.
The situation intensified after the United States reported seizing an Iranian cargo vessel accused of attempting to bypass the blockade, drawing warnings of retaliation from Iran and casting uncertainty over the fragile ceasefire.
Financial markets reacted cautiously. India’s key indices, the BSE Sensex and Nifty 50, slipped into negative territory after early gains faded.
Elsewhere in Asia, major indices such as Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s KOSPI posted modest gains.
US markets had ended the previous session on a stronger note, with the S&P 500 and Nasdaq Composite closing higher, supported by investor optimism before the latest developments in the Gulf.
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