New Delhi, 02 March (H.S.):

Crude oil prices rocketed over 7% as Middle East hostilities intensified following US-Israeli airstrikes on Iran, fueling supply disruption fears through the Strait of Hormuz.

Brent crude leaped 7.60% to $78.41 per barrel in global trading Monday, while West Texas Intermediate (WTI) futures climbed 7.19% to $71.86. The spike reflects halted tanker traffic in the vital chokepoint handling 20% of world oil flows.

OPEC+ agreed to ramp up output by 206,000 barrels per day from April, led by Saudi Arabia and Russia, exceeding expectations—but analysts doubt it will temper immediate volatility.

Analysts warn prolonged tensions could propel Brent above $90 per barrel if Hormuz disruptions persist, or beyond $100 amid broader conflict. Shipping insurance and freight costs are already soaring, threatening trade balances.

---------------

Hindusthan Samachar / Jun Sarkar