Oil surges above $96 as Hormuz disruption fuels supply shock

Oil prices extended gains in volatile trading, with WTI climbing above $96 per barrel as the Strait of Hormuz remained effectively closed, tightening global supply conditions. The conflict, now in its ninth week, has triggered what is being seen as a major energy supply shock, intensifying inflation concerns and pressuring the global growth outlook. MCX crude oil futures rose around 4% to Rs 9120, while international prices gained over 2%. A softer dollar, slipping to 98.5, further supported oil and other commodities, making them cheaper for global buyers. Geopolitical tensions remain elevated after Washington paused diplomatic engagement, while Tehran signaled it would not enter talks under pressure or restrictive conditions, keeping uncertainty high.

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