Oil soars past $116 as US-Iran tensions hit boiling point

Crude oil prices surged sharply in Asian trading on Tuesday, with futures climbing above $116 per barrel as geopolitical tensions between the U.S. and Iran escalated dramatically. Donald Trump reiterated a hard deadline for Iran to reopen the strategically critical Strait of Hormuz, warning of severe military retaliation if demands are not met. His remarks, including threats to target Iran?s infrastructure, have heightened fears of a broader regional conflict. Iran, however, pushed back strongly?rejecting temporary ceasefire proposals and warning of retaliatory strikes on energy assets across the Gulf. The standoff has amplified concerns over potential disruptions in global oil supply, particularly through key shipping routes. Reflecting the risk premium, Brent crude rose to $111.36 up 1.5%, while WTI surged to $115.10 up 2.45%. Back home, MCX crude futures also gained momentum, trading at ₹10,764 1.66%.

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