MCX crude futures contracts up more than 2% as worries about supply mount
This story was originally published at 10:11 IST on 5 March 2026
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MUMBAI - Crude oil futures contracts on the Multi Commodity Exchange of India rose nearly 2.5% Thursday as worries about supply kept mounting following the closure of Strait of Hormuz.
The most-traded March contract opened Thursday at INR 7,060 per barrel, up from INR 6,937 per barrel at Wednesday's close of trade. At 0941 IST, the contract was trading up 2.5% at INR INR 7,103 per barrel.
As the military conflict in West Asia continued to intensify, the closure of the Strait of Hormuz by Iran aggravated worries in the marketplace about supply of crude oil. A high proportion of crude oil transports through this narrow waterway. There were reports that a container ship transiting this passage was struck by a projectile.
Also worrying for the market are uncertainties about the future course of the current conflict, with different views being expressed. While it was earlier believed that it may end within a few days, now not many people see the end so proximate. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Abhijit Doshi
Edited by Vandana Hingorani
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