Crude Oil Prices Soar Amid Geopolitical Tensions in West Asia

Crude oil prices experienced a sharp increase, trading nearly 2% higher at Rs 9,142 per barrel in futures trade on Friday, driven by gains in global energy benchmarks amid geopolitical unrest in West Asia.

On the Multi Commodity Exchange (MCX), crude oil for April delivery initially opened lower, reversing losses to end up by Rs 143, or 1.59%, at Rs 9,142 per barrel. Similarly, the May contract rose Rs 142, or 1.63%, reaching Rs 8,866 per barrel.

Global factors, including tensions in the Strait of Hormuz and halted Russian exports, have sparked this volatility. The ongoing uncertainty and potential military escalation in the region are expected to keep prices volatile, with markets closely monitoring developments.