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Commodity News Details
Crude oil surges above $104 as Hormuz risks intensify
18-May-2026 13:02
WTI crude oil futures rose above $104 per barrel on Monday, extending last week's gains as escalating US-Iran tensions and the near-shutdown of the Strait of Hormuz heightened global supply concerns. The strait handles nearly one-fifth of global oil and LNG shipments, keeping markets on edge. Fresh drone attacks in the Middle East and aggressive rhetoric from Washington and Tehran further fueled fears of wider conflict. Meanwhile, President Donald Trump warned that Iran was 'running out of time' to strike a deal with Washington, while weekend talks between Trump and Chinese President Xi Jinping ended without progress on reopening Hormuz. Additional pressure came after the US allowed a waiver on Russian crude sales to expire despite India seeking an extension, tightening supply conditions further. Reflecting the bullish sentiment, MCX crude oil futures for June delivery rose nearly 2% to around Rs 9,871 per barrel.

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