New Delhi, 09 March (H.S.):
West Asia's military maelstrom has unleashed a crude oil tsunami, with Brent crude surging past $110 per barrel and peaking at $119.14 amid supply paralysis from the Strait of Hormuz blockade and production slashes by Kuwait and UAE.Global markets reeled as crude leaped over 55% in seven days.
Brent opened at $107.92, rocketed to $119.14, then eased to $115.57 (+$22.88 or 24.69%) by 11 a.m. IST. WTI crude followed suit, starting $107.81, hitting $119.48, and trading at $113.65 (+$22.75 or 25.02%).
Futures blazed: Brent +22% at $115, WTI +27% at $115.21.Iraq (OPEC+) axed 70% output at three southern fields—from 4.3 million bpd to 1.3 million bpd. Kuwait announced cuts (quantum undisclosed).
Infrastructure carnage fuels the rally: US-Israel struck Tehran's depots and terminals; Iran hit back at UAE, Kuwait, Bahrain oil sites with drones and missiles.India's Import Nightmare LoomsIndia (80% oil import-dependent), Japan (90% Middle East-sourced), and China's export curbs face acute pain.
New Delhi's import bill balloons above $110 crude, pressuring forex reserves and deficits. Government touts ample stocks, but unchecked surge risks petrol/diesel hikes across Asia.
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Hindusthan Samachar / Jun Sarkar
