New Delhi, 06 April (H.S.):

Crude oil prices climbed above $115 per barrel on Monday amid escalating West Asia tensions, straining household budgets as international benchmarks hit fresh highs.

Brent crude futures rose $1.71 (1.6%) to $110.74 per barrel during trading. West Texas Intermediate (WTI) crude exceeded $115 per barrel, driven by supply disruptions from shipping issues in key Middle East oil-producing regions.

An HSBC report cautioned sustained prices above $100/barrel could trigger severe fallout, potentially pushing inflation beyond 6%. Higher inflation would raise costs for food, electricity, transport, and daily essentials, directly hitting consumers.

Price rally followed US President Donald Trump's ultimatum to Iran—demanding Strait of Hormuz reopening by Tuesday 8 PM—or face strikes on power plants. Petrol/diesel demand spans agriculture, transport, factories, power generation; disruptions exacerbate economic pressures.

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Hindusthan Samachar / Jun Sarkar