Blitz Bureau
NEW DELHI: Crude oil prices climbed nearly 3 per cent on March 17, rebounding from the previous session’s losses as renewed concerns over supply emerged amid disruptions in the Strait of Hormuz. Brent crude futures were trading at $103.20 per barrel, up 2.98 per cent, while US West Texas Intermediate (WTI) crude rose 3.05 per cent to $96.36 per barrel around 9:45 am.
In the previous session, Brent had settled 2.8 per cent lower, while WTI declined nearly 5 per cent, despite both benchmarks rising close to 4 per cent earlier in the day. The Strait of Hormuz — a key chokepoint handling about 20 per cent of global oil and liquefied natural gas trade — has seen significant disruption due to the ongoing US-Israel-Iran conflict, now in its third week.
The situation has heightened fears of supply shortages, elevated energy prices and rising inflation. However, on a weekly basis, oil prices remained largely stable. Brent crude was broadly flat compared to last week’s close, while WTI traded over 1 per cent lower during the same period.
Meanwhile, the United States has secured energy agreements worth about $56–57 billion with Indo-Pacific partners, Interior Secretary Doug Burgum said, describing the move as part of efforts to strengthen energy security among allies.
The agreements were finalised during the Indo-Pacific energy security conference led by the US, with participation from countries across the region.
