The crude oil prices surged on Thursday with brent oil prices jumping over $100 per barre amid uncertainty over the US, Israel conflict with Iran.
However, the oil prices has cooled after US President delayed strikes on Iran's energy infrastructure, but it again climbed after Islamic Republic declared its intention of not holding ceasefire talks.
Brent crude oil price gained as much as 1.56% to $103.81 a barrel, while the US West Texas Intermediate (WTI) crude futures rose by 1.59% to $91.76.
Trump's 15-point plan, delivered through Pakistan proposed the removal of Iran's stocks of highly enriched uranium, and halting its enrichment activities, restrictions on its ballistic missile programme, and a cessation of fiscal aid for regional allies.
The ongoing Middle East conflict has resulted in nearly halting its shipments passing via the Strait of Hormuz, which usually accounts for nearly one-fifth of the global supply of crude oil, and LNG.
Meanwhile, the International Energy Agency said that the situation can be considered as the most disruptive in the oil supply history.
Iran's Foreign Minister Abbas Araghchi noted that Washington’s change in tone reflects an acknowledgment of failure after previously insisting on Tehran’s “unconditional surrender.”
On the other hand, market analysts indicated that oil markets are currently receiving significant attention, as the threat of supply interruptions, especially near the Strait of Hormuz, is helping to maintain prices despite recent fluctuations.
If tensions were to rise further or if critical infrastructure were to be attacked, oil prices could experience another steep increase, contributing to global inflationary pressures.
On the domestic end, MCX crude oil prices closed at Rs 8,511 on March 25, declining by Rs 225 or 2.58% during the session.
On Thursday, March 26, 2026, MCX will be partially closed on account of Ram Navami.
There will be no trading during the morning session (9:00 AM – 5:00 PM), but trading will restart for the evening session from 5:00 PM to 11:30 PM.
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