28-Apr-2026 13:32

Crude oil prices surged nearly 3%, with WTI trading above $99 per barrel as uncertainty around U.S.'Iran negotiations kept markets on edge. Brent crude rose 2.7% to $111.09 per barrel, while MCX May futures climbed 2.9%, reflecting strong momentum across global and domestic markets. The ongoing conflict, now in its ninth week, continues to disrupt supply, with developments around the Strait of Hormuz remaining a key trigger for price movements. Despite the dollar index hovering near 98.5, oil prices stayed firm, supported by supply-side concerns and warnings from the International Energy Agency about a potential unprecedented supply shock. At the same time, rising risks of a demand slowdown are beginning to surface, adding a layer of uncertainty to the outlook. Investor attention is also turning to upcoming policy decisions from the Federal Reserve, European Central Bank, and Bank of England. While rates are expected to remain unchanged, any shift in tone could influence global growth expectations and, in turn, impact oil demand, keeping prices volatile in the near term.

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