Hot Commodities: WTI Crude eases after soaring 8% last week, Trump announces plan to escort ships in Hormuz

Crude oil prices surged sharply last week, with WTI futures climbing above $110 per barrel to hit near four-year highs, as escalating US-Iran tensions raised fears of supply disruptions. Reports of potential US military action and continued naval blockade against Iran dampened hopes for a diplomatic resolution. UAE?s decision to exit OPEC added to uncertainty over future supply dynamics. Oil was also supported as EIA noted that US crude oil inventories decreased by 6.2 million barrels during the week ending April 24. Global energy prices are expected to rise by approximately 24% this year, according to the baseline forecast, which anticipates that the most severe supply disruptions will end in May. World Bank?s Commodity Markets Outlook noted that the effective closure of the Strait of Hormuz?which accounted for about one-third of global seaborne crude oil trade prior to the conflict?has caused a historic shock to energy and commodity markets. WTI Crude oil added around 8% last week and currently trades at $100.84 per barrel, down 1% on the day as the US President Donald Trump announced a plan to escort ships in Hormuz Strait. MCX Crude oil futures also fell under Rs 10000 per barrel following this and currently trades down 0.60% at Rs 9607 per barrel.

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