New Delhi, 24 April (H.S.):

Ongoing tensions in West Asia have driven crude oil prices upward for the fifth consecutive day in international markets today. Brent crude surged to $107 per barrel, while West Texas Intermediate (WTI) crude reached $97.60 per barrel, though a slight decline followed later.

Peace talks between the United States and Iran have been postponed, and confrontations over the Strait of Hormuz have nearly halted oil supplies through this critical maritime route, with no immediate resolution in sight. This disruption continues to fuel the upward trend in crude prices.

Brent crude opened above $105 at $106.12 per barrel today and quickly climbed to $107. By 10 a.m. Indian Standard Time, it was trading at $105.99 per barrel, up 0.90 percent.

WTI crude opened above $96 at $96.77 per barrel and peaked at $97.60 before a minor pullback. At 10 a.m. IST, it traded at $96.38 per barrel, reflecting a 0.55 percent gain.

The conflict that erupted in late February in West Asia has rattled global petroleum markets, severely curtailing oil and gas supplies from the Persian Gulf due to the near-closure of the Strait of Hormuz. The US has imposed a blockade on Iran to exert pressure, while Iran seeks to keep the strait closed to international traffic.

Analysts indicate no prospect for immediate peace talks between the US and Iran, given their rigid stances, making short-term resumption of shipping and oil tanker traffic through the strait unlikely. Global crude supply challenges will likely persist, sustaining price upward momentum.

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Hindusthan Samachar / Jun Sarkar