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Commodity News Details
Oil rises 1% amid soft dollar and Strait of Hormuz crisis
16-Mar-2026 13:00
Oil prices remained elevated as the effective closure of the Strait of Hormuz continued to threaten global supply. WTI crude moved toward $99 per barrel, while Brent briefly topped $106, with prices up more than 40% since the conflict began, raising inflation and growth concerns. Geopolitical tensions intensified after US President Donald Trump warned Iran's key oil export infrastructure could be targeted if shipping through the strait is disrupted. Meanwhile, the dollar index slipped below 100 as reports of a potential US-led naval escort reduced safe-haven demand, though the currency remains near ten-month highs. Domestically, MCX crude futures for March rose 0.8% to Rs 9124 per barrel, easing from last week's peak of Rs 10549 as markets weigh geopolitical risks and possible US-Iran negotiations.

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