Crude oil surges above $102 as Hormuz risks escalate

WTI crude futures surged above $102 per barrel in early trading, snapping recent losses as tensions in the Strait of Hormuz intensified after a tanker incident and renewed warnings from Iran over vessel movements, heightening concerns about potential supply disruptions, while the United States signaled plans to safeguard shipping routes and hinted at progress in ongoing negotiations, keeping a delicate balance between risk and diplomacy; despite some optimism on talks, oil markets remain firmly driven by geopolitical developments, with investors also turning attention to key US economic data, particularly the upcoming jobs report, for clues on demand, as reflected in domestic markets where MCX crude futures rose nearly 1.5% to ₹9,795 per barrel in line with global gains.

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