Blitz Bureau
NEW DELHI: Global crude oil prices rose to multi- year high on April 3 after US President Donald Trump warned of possible military strikes on Iran within two to three weeks, stoking fresh concerns over supply disruptions from the West Asia region. Brent crude futures traded at $109.24 per barrel, up 8 per cent, while US West Texas Intermediate (WTI) futures were at $111.54 per barrel by 3:39 am (local time).
Till April 3, US WTI futures jumped 11.94 per cent from the previous Friday’s close during the week, while Brent crude declined 3.14 per cent over the same period.
The ongoing conflict in West Asia, now entering its fifth week, has removed millions of barrels per day from the global market, driving energy prices to multi-year highs and causing fuel shortages in countries dependent on supplies routed through the Strait of Hormuz. Around 20 per cent of the world’s oil typically flows through the critical chokepoint.
Trump, in a speech earlier this week, vowed to hit Iran “extremely hard” in the coming weeks but stopped short of outlining a plan to reopen the strait, suggesting instead that other nations take the lead in clearing it for shipping traffic.
Analysts noted that any further escalation in West Asia could sustain pressure on crude prices, the Indian rupee and foreign institutional flows into emerging markets.
