Crude oil prices rose sharply by ₹359 to ₹9,617 per barrel on Monday, marking their fourth straight session of gains in futures trade amid escalating geopolitical tensions in West Asia and supply concerns.
On the Multi Commodity Exchange, crude oil for the April contract climbed ₹359, or nearly 4%, to ₹9,617 per barrel.
The May-delivery increased by ₹436, or nearly 5%, to hit a lifetime high of ₹9,407 per barrel on the commodities bourse.
2 March 2026
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Analysts said crude oil prices rallied in domestic and international markets as investors assessed the impact of rising tensions around the Strait of Hormuz, a key oil transit route.
In the international market, West Texas Intermediate (WTI) crude for the May contract gained $3.27, or 3.33%, to $101.50 per barrel, while Brent Crude for the same month delivery rose $2.89, or 2.72%, to $109.30 per barrel in New York.
According to analysts, market sentiment remained firm after US President Donald Trump warned Iran to reopen the Strait of Hormuz, threatening action against its energy infrastructure.
In response, Tehran signalled retaliation against the US and Israeli assets, raising fears of further escalation in the region. The ongoing conflict in West Asia has disrupted shipping and curtailed oil production, pushing global crude prices sharply higher.
Analysts noted that prices for both WTI and Brent oil have soared since the start of the conflict, when Brent was trading at $70 per barrel.
The International Energy Agency (IEA) has warned of an unprecedented shock to global oil markets despite emergency reserve releases and efforts to boost supply.
Traders are closely monitoring developments around the Strait of Hormuz, as any prolonged disruption could further tighten supplies and keep crude prices elevated.
