WTI crude futures edged lower in Asia electronic trading on Friday due to profit-taking after prices surged to around $82 per barrel, the highest level in 18 months. Despite the slight pullback, oil remains on track for a sharp weekly rally, with WTI up more than 20% and Brent gaining over 15%, marking the biggest weekly surge since February 2022. The spike follows the escalation of the U.S.–Israel conflict with Iran, which has disrupted tanker movements through the Strait of Hormuz—a key route carrying about one-fifth of global oil supply—while spreading tensions across major Middle East energy hubs. In India, MCX March crude futures climbed over 1% to ₹7,408 per barrel. As the world’s third-largest oil importer, India remains vulnerable to sustained high prices, importing about 85% of its crude needs, with nearly 40% arriving via the Hormuz route, raising risks for the country’s import bill and inflation through higher transport and logistics costs.
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