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Informist, Thursday, Apr. 2, 2026

 

--WTI May crude oil futures contract rises nearly 9% to over $108/bbl 

 

MUMBAI – Futures contracts of crude oil on Thursday surged nearly 9% on the New York Mercantile Exchange to over $108 per barrel as supply concerns increased after US President Donald Trump's speech on Thursday indicated that the war on Iran will continue. Trump said the US would hit Iran "extremely hard for the next two to three weeks" and reiterated that the US was close to completing its objective. The US is "very close to finishing the job in Iran," Trump said in an address more than a month after the US and Israel attacked Iran.

 

At 2116 IST, the most-active May contract of crude oil on the NYMEX was up over 10% at $110.4 per barrel. The most-active June contract of crude oil on the Intercontinental Exchange was up nearly 7% at $107.97 per barrel. 

 

If the war continues and there is no de-escalation, the Strait of Hormuz, a strategic "choke-point" for the transport of crude oil, will remain shut for a prolonged period, thus disrupting supplies, according to analysts. Threats to maritime traffic have grown as the conflict intensifies across the region, according to SMC Global Securities.

 

Meanwhile, a cut in output by Russia, the world's second-largest exporter, would add to the strain on global supplies, as oil markets have already been jolted by unprecedented supply disruptions due to the conflict in West Asia. Ukraine has intensified attacks on Russia's oil export infrastructure over the last month. In its heaviest drone strikes since Russia's invasion of Ukraine in February 2022, the latter has targeted the Baltic ports of Ust-Luga and Primorsk, as it seeks to weaken Russia's economy. Prices are likely to remain extremely volatile during this month, Ravinder Sharma, an analyst at SMC Global Securities, said.

 

However, about 40 countries are discussing joint action to reopen the Strait of Hormuz, which could cap the gains in crude prices. "It looks like the UK may be leading an effort to open the Strait of Hormuz, which would be great for traders," Reuters quoted Kim Forrest, chief investment officer at Bokeh Capital Partners, as saying.  End

 

US$1 = INR 93.10

 

Reported by Taniva Singha Roy

Edited by Taniam Banerjee

 

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