WTI crude oil futures surged more than 4% toward $78 per barrel on Thursday, approaching their highest level since late January, as escalating Middle East tensions disrupted global oil supplies and shipping through the Strait of Hormuz, a key chokepoint for oil and LNG. Since the conflict involving Iran began, Brent crude has climbed by nearly 15% to above $84 per barrel, the highest level since July 2024, intensifying inflation and supply concerns. Asia faces heightened risks, with more than 80% of LNG passing through the strait destined for the region, prompting China to lean on strategic reserves and alternatives, while India’s low crude reserves increase vulnerability. Reflecting global trends, MCX March crude oil futures rose over 2% to ₹7,088 per barrel.
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