Crude oil rallies as renewed US-Iran tensions shake global markets

Crude oil prices surged sharply after renewed geopolitical tensions in the Middle East dampened hopes for a near-term peace agreement between the US and Iran. President Donald Trump?s remarks calling Iran?s response to US proposals ?totally unacceptable,? along with Israeli Prime Minister Benjamin Netanyahu?s warning that the conflict ?is not over,? reignited fears of prolonged instability in the region. Supply concerns intensified as the strategically important Strait of Hormuz continues to face severe shipping disruptions, restricting the movement of nearly one-fifth of global oil supplies. Ongoing disruptions of around 1 million barrels per day have kept global crude markets tight, reversing last week?s sharp decline driven by temporary de-escalation optimism. Internationally, WTI crude futures climbed nearly 4% toward the $99 per barrel mark, while Brent crude advanced close to 4% to trade around $105 per barrel. On the domestic front, MCX crude oil futures for May delivery also surged over 4% to Rs 9,402 per barrel, tracking strong global cues and persistent supply-side concerns.

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