Crude Futures Rise As West Asia Tensions Push Prices Above Rs 9,000

18 Mar 2026 CW Team

Analysts said prices remained elevated amid concerns that the conflict was disrupting flows through the Strait of Hormuz, a key passage for global energy shipments. Internationally, Brent oil futures for May delivery rose by two point seven three per cent to $105.96 per barrel, while West Texas Intermediate crude for the May contract increased by two point three six per cent to $99.13 per barrel. Manav Modi, an analyst at Motilal Oswal Financial Services Ltd, noted that supply worries and the risk of further escalation were keeping markets on edge.

EU foreign policy chief Kaja Kallas was reported to be encouraging member states to redirect the bloc's Red Sea naval mission to help restart oil and gas shipments in the Strait of Hormuz. Reports suggested that the United States was exploring ways to restore shipping around the strait while there were accounts of fresh airstrikes by the United States and Israel on a key Iranian export terminal the previous weekend. The strikes prompted threats of retaliation from Tehran, underscoring the possibility that the conflict could widen and further disrupt supplies from the world's most critical oil producing regions.

Traders were weighing the possibility of further escalation against diplomatic efforts to stabilise shipping in the region, with volatility expected to persist as geopolitical tensions continued to dominate sentiment. The market remained above $100 per barrel despite signals from the United States President that talks were underway to form a coalition aimed at reopening the Strait of Hormuz. Participants indicated that oil price moves would be sensitive to any new developments, with implications for fuel pricing and wider market sentiment.

Crude oil futures rose by Rs 119 to Rs 9,171 per barrel for March delivery on the Multi Commodity Exchange as escalating tensions in West Asia kept supply risks in focus. The March contract advanced by one point three one per cent in a business turnover of 12,745 lots. The April contract also firmed, rising by one point eight three per cent, to Rs 9,107 per barrel on a turnover of 12,898 lots. Analysts said prices remained elevated amid concerns that the conflict was disrupting flows through the Strait of Hormuz, a key passage for global energy shipments. Internationally, Brent oil futures for May delivery rose by two point seven three per cent to $105.96 per barrel, while West Texas Intermediate crude for the May contract increased by two point three six per cent to $99.13 per barrel. Manav Modi, an analyst at Motilal Oswal Financial Services Ltd, noted that supply worries and the risk of further escalation were keeping markets on edge. EU foreign policy chief Kaja Kallas was reported to be encouraging member states to redirect the bloc's Red Sea naval mission to help restart oil and gas shipments in the Strait of Hormuz. Reports suggested that the United States was exploring ways to restore shipping around the strait while there were accounts of fresh airstrikes by the United States and Israel on a key Iranian export terminal the previous weekend. The strikes prompted threats of retaliation from Tehran, underscoring the possibility that the conflict could widen and further disrupt supplies from the world's most critical oil producing regions. Traders were weighing the possibility of further escalation against diplomatic efforts to stabilise shipping in the region, with volatility expected to persist as geopolitical tensions continued to dominate sentiment. The market remained above $100 per barrel despite signals from the United States President that talks were underway to form a coalition aimed at reopening the Strait of Hormuz. Participants indicated that oil price moves would be sensitive to any new developments, with implications for fuel pricing and wider market sentiment.

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