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Commodity News Details
Crude Oil Surges Above $101 on Trump's Iran ultimatum
23-Mar-2026 14:12
WTI crude oil futures climbed above $101 per barrel on Monday, heading toward their highest close since mid-2022 as escalating tensions around the Strait of Hormuz intensified supply concerns. President Donald Trump issued a 48-hour ultimatum demanding Iran reopen the key waterway, while Tehran threatened to shut it entirely and target regional energy assets in retaliation, raising fears over disruptions in a route that carries nearly one-fifth of global oil and LNG flows. Despite recent U.S. inventory builds reported by the EIA, markets remained focused on geopolitical risks, with shipments already impacted and production curtailed since the conflict began in late February. Oil prices have surged roughly 50% since the onset of the Iran war, reflecting tightening supply conditions, while MCX crude oil futures rose nearly 2% to ₹9437 per barrel, highlighting sustained bullish momentum in the energy market.

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