Hot Commodities: WTI up 8%; up 10% on MCX as Middle East tensions escalate

Oil prices surged sharply on Monday, with WTI crude oil futures climbing more than 8% to trade above $72 per barrel, the highest level in over eight months, after earlier gains of nearly 10%. The rally followed unprecedented joint US and Israeli strikes on Iran, sharply escalating geopolitical tensions in the Middle East. Markets are closely watching the risk of supply disruptions through the Strait of Hormuz, which carries around one-fifth of global oil flows. While Iran said the strait remains open, several shipping firms began rerouting vessels. Tehran also launched retaliatory missile strikes on US bases across the region. The rally came despite OPEC+ agreeing to raise output by 206,000 barrels per day in April, ending a three-month pause. In India, MCX March crude oil futures jumped nearly 10% to Rs 6,673 per barrel.

Powered by Commodity Insights