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Commodity News Details
Oil prices spike as war risks rise, US Crude oil inventories dip 6.2 million barrels
30-Apr-2026 13:13
Crude oil prices surged sharply, with WTI futures climbing above $110 per barrel, as escalating US-Iran tensions raised fears of supply disruptions. Reports of potential US military action and continued naval blockade against Iran dampened hopes for a diplomatic resolution. Further supporting the rally, the World Bank projected a 24% rise in energy prices in 2026 amid Middle East tensions, while the UAE's decision to exit OPEC added to uncertainty over future supply dynamics. In India, MCX May crude futures jumped nearly 2%, crossing well above the Rs 10,000 per barrel mark, reflecting strong global cues and heightened geopolitical risks. The counter zoomed up around 7% in last session with a sharp jump in open interest. Meanwhile, oil was also supported as EIA noted that US crude oil inventories decreased by 6.2 million barrels during the week ending April 24.

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