New Delhi, 22 April (H.S.): Crude oil benchmarks defied the US-Iran ceasefire extension orchestrated by President Donald Trump, surging perilously close to $100 per barrel in early trading, as lingering blockades in the Strait of Hormuz throttled supply chains and amplified market anxieties.

Brent crude opened robustly at $99.24 per barrel before cresting to $99.29, only to ease marginally to $98.34 by 9:15 AM IST amid volatile swings. West Texas Intermediate (WTI) crude mirrored the ascent, surpassing $90 to touch $90.38 and $90.71 intraday, settling at $89.47 later, underscoring the tenuous foothold of de-escalation rhetoric.

This rally persists even as Trump mandated the truce's prolongation, explicitly preserving naval strictures in Hormuz—precluding merchant and tanker transits through the conduit for one-fifth of global petroleum—thereby sustaining supply disruptions that eclipse diplomatic overtures.

Expert Warnings on Supply Peril

Rajiv Dutta, CEO of Capex Gold and Investments Pvt Ltd, highlighted the derailment of second-round US-Iran parleys, with Vice President JD Vance's Islamabad itinerary shelved, eroding prospects for swift West Asian pacification. Persistent regional strife imperils oil flows, propelling prices toward triple digits and risking inflationary contagion worldwide.

While the ceasefire averts imminent escalations, experts caution that absent Hormuz normalization, crude's elevated trajectory endures, a silver lining residing in mutual restraint forestalling major offensives.

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Hindusthan Samachar / Jun Sarkar