Crude climbs near $104 amid blockade tensions

Crude oil is back in rally mode, with WTI futures climbing toward $104 per barrel, extending gains for a third straight session as global supply concerns deepen. The spotlight is firmly on the Strait of Hormuz?a critical artery for nearly 20% of the world?s seaborne oil?which remains effectively shut amid escalating tensions. Stalled negotiations between the US and Iran have dampened hopes of a quick resolution, with Donald Trump confirming that Iran is pushing for relief from the ongoing naval blockade. But with disruptions stretching into their ninth week since the February conflict outbreak, energy markets are bracing for prolonged tightness. Earlier optimism from ceasefire talks had briefly cooled prices, but fading diplomatic momentum has flipped the narrative. Back home, MCX crude futures surged nearly 4%, reflecting the global supply shock rippling through markets. With uncertainty dominating and supply routes constrained, oil prices are once again riding a wave of geopolitical risk.

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