New Delhi, 30 April (H.S.):

International crude oil prices have created turmoil for global economies. Brent and WTI crude prices witness constant volatility. Spot and futures markets both saw sharp oil rally today. Brent crude futures crossed $126 per barrel. West Texas Intermediate (WTI) crude futures neared $111 per barrel.

Ongoing West Asia tensions and Hormuz Strait blockade severely disrupt global crude supplies. US President Donald Trump stated the blockade persists until nuclear deal with Iran. Post-Trump's remarks, Intercontinental Exchange Brent June contract surged 7.10% to $126.41 per barrel before settling at $121.32. NYMEX WTI June contract rose 5.23% to $110.93 per barrel.

Spot crude oil boiled throughout trading. Initial session sustained gains but second session saw declines. Wednesday Brent peaked $115.61 before settling $110.44. Today Brent opened symbolically $0.01 lower at $110.43, quickly hitting $114.47. It later softened; at 5:45 PM IST, Brent traded 1.34% lower at $108.96 per barrel.

WTI Wednesday peaked $107.12 before closing $106.88. It opened $106.95 today, reaching $110.93 by noon IST before declining. At 5:45 PM IST, WTI traded 1.88% lower at $104.87 per barrel.

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Hindusthan Samachar / Jun Sarkar