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Commodity News Details
Oil climbs for third session as Iran threatens Hormuz closure
13-Mar-2026 13:02
WTI crude extended its rally for a third straight session as tensions in the Middle East deepened after Mojtaba Khamenei vowed to keep the Strait of Hormuz effectively shut and warned of opening new fronts if attacks by the United States and Israel continue. The escalation has intensified fears of a major supply disruption in one of the world's most critical oil transit routes. U.S. President Donald Trump said stopping Iran from obtaining nuclear weapons is a priority despite rising oil costs. Meanwhile, the International Energy Agency warned the conflict could trigger the largest oil supply shock in history after fresh attacks on Gulf energy infrastructure pushed prices above $100 per barrel. In India, Petroleum Minister Hardeep Singh Puri assured that the country's crude supply remains secure, with MCX March crude futures up over 2% to around ₹8,995 per barrel.

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