New Delhi, 03 April (H.S.):
Oil prices have swung sharply amid the ongoing crisis in West Asia, driven by concerns over supply disruptions through the Strait of Hormuz. International benchmark Brent crude jumped nearly 8 per cent to reach 109.24 dollars per barrel on Friday’s trading session.
Heavy truckers and tanker movements through the Strait of Hormuz have been disrupted, fuelling fears of constrained crude supply from the Persian Gulf region. Adding to market anxiety, U.S. President Donald Trump has warned of possible military action against Iran within the next two to three weeks, which has further boosted crude‑oil prices.
In global markets, Brent crude futures surged to 109.24 dollars per barrel, while West Texas Intermediate (WTI) crude futures were trading at 111.54 dollars per barrel, reflecting strong upward momentum in the near‑term contracts.
On a weekly basis, WTI has advanced about 11.94 per cent compared with the previous Friday, underscoring renewed investor nervousness about supply security.
By contrast, Brent crude recorded a weekly decline of about 3.14 per cent over the same period, highlighting the volatility and uncertainty that now dominate the oil market.
Analysts say prices could remain elevated if geopolitical tensions and disruptions around key shipping routes such as the Strait of Hormuz persist.
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Hindusthan Samachar / Jun Sarkar
