NEW DELHI — Global crude oil prices surged Monday, climbing more than 3 percent and hovering near a 52-week high as escalating geopolitical tensions in West Asia fueled concerns over potential supply disruptions.
Brent crude futures rose as much as 2.01 percent, or $2.20, to $111.23 per barrel, while U.S. West Texas Intermediate crude gained 3.53 percent, or about $4, to $115.48 in early trading.
The rally follows sharp gains in the previous session, when WTI jumped more than 11 percent and Brent rose nearly 8 percent, marking their largest single-day increases since 2020.
Analysts said ongoing tensions involving the United States, Israel, and Iran continue to weigh on market sentiment, keeping prices elevated amid fears of supply constraints.
In India, crude oil futures on the Multi Commodity Exchange were also higher. The May contract traded at Rs 9,276, up 0.9 percent, after hitting an intraday high of Rs 9,335.
Market watchers said crude remains a key driver of global financial markets, with prices holding firm due to persistent supply concerns. U.S. crude is currently trading in the $110–$112 range, close to a technical resistance level, with a potential breakout above $115 seen as a trigger for further gains toward $118–$120.
“On the downside, a fall below $109 may lead to a correction towards $106, with strong support placed around $100–$102. The overall trend remains bullish as long as these support levels hold,” analysts said.
Tensions have intensified after U.S. President Donald Trump warned of severe consequences if Iran does not reopen the Strait of Hormuz by a stated deadline, raising fears of disruptions to one of the world’s most critical oil transit routes.
Meanwhile, OPEC+ has agreed to increase output by 206,000 barrels per day in May, though analysts said the move is unlikely to significantly ease near-term supply concerns.
Domestic equity markets in India moved lower amid the oil price surge. The Sensex fell 529 points, or 0.72 percent, to 72,790, while the Nifty declined 150 points, or 0.66 percent, to 22,561 in early trading. (Source: IANS)
