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Commodity News Details
Crude oil climbs above $95 on rising Middle East tensions
12-Mar-2026 13:42
WTI crude futures climbed above $95 per barrel, marking a second consecutive gain as escalating tensions involving the United States, Israel, and Iran raised fears of supply disruptions. Concerns intensified after Iran effectively restricted access through the Strait of Hormuz, a critical maritime route that handles nearly one-fifth of the world's oil and gas shipments. Although the International Energy Agency approved a record 400-million-barrel emergency reserve release to stabilize markets, geopolitical risks continued to support prices. Meanwhile, the Organization of the Petroleum Exporting Countries kept its global oil demand growth forecast unchanged at about 1.38 million barrels per day, reflecting resilient energy consumption. MCX March crude oil futures also surged, rising over 3% to around ₹8356 per barrel.

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