13-Apr-2026 12:31

Crude oil prices staged a strong rebound on Monday, with WTI futures climbing back above the $105 per barrel mark in electronic trading, up almost 10% driven by a sharp escalation in geopolitical tensions. The surge follows an announcement by Donald Trump confirming a US naval blockade of the strategically vital Strait of Hormuz, after weekend negotiations with Iran collapsed without resolution. The move has significantly heightened concerns over disruptions in one of the world's most critical oil transit routes. With the strait already facing restricted activity since late February, the blockade has intensified fears of prolonged supply constraints from key Middle Eastern producers, fueling bullish sentiment across energy markets. On the domestic front, MCX April crude oil futures surged 5.4% to ₹9,649 per barrel, touching an intraday high of ₹9,850, reflecting strong spillover from global price action. Overall, the sharp geopolitical escalation has reignited supply shock concerns, placing oil markets firmly on edge and setting the tone for heightened volatility in the sessions ahead.

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