New Delhi, 09 April (H.S.):

Global crude benchmarks rebounded sharply today amid mounting doubts over the US-Iran ceasefire, with fears of Hormuz Strait closure reigniting supply crunch anxieties. Brent crude climbed over 2.5% to $97.28 per barrel (up $2.53, +2.67% at 10:30 AM IST), hitting intraday highs of $97.89 after opening $2.22 higher at $96.97.

West Texas Intermediate (WTI) soared more than 3.5%, trading at $97.72/barrel (up $3.31, +3.51%) from an open of $96.90 and peak of $98.38.

Tensions escalated hours after the truce announcement: The US dismissed Iran's terms as absurd and childish, while Israel hammered Lebanon targets Wednesday, killing ~250 and prompting Tehran's renewed threat to mine Hormuz—vowing to sink any passing vessel for ceasefire violations.

The strait, now stalled again, chokes 20-30% of global oil and gas flows, compounded by Iranian missile strikes on US bases in Saudi Arabia, Kuwait, Bahrain, UAE, and Israel.

Finrex Treasury Advisors' Anil Bhandari warns a ceasefire collapse could devastate West Asia, with US threats of infrastructure strikes met by Iran's retaliation vows, disrupting production and transit. Two-week truce prospects dim, stoking energy crisis fears and propelling prices.

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Hindusthan Samachar / Jun Sarkar