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Crude Oil Prices LIVE: Crude oil prices jumped over 7% to multi-months high levels on Monday as war in the Middle East escalated, following US and Israeli military strikes on Iran, with the vital Strait of Hormuz effectively shut, several tankers damaged and shipments disrupted from the key producing region.

Brent crude futures prices surged to $82.37, the highest since January 2025, after the US and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei on Saturday. Brent crude oil price rallied 7.60% to $78.41 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 7.19% to $71.86.

MCX crude oil price for March expiry opened higher by ₹118, or 1.93%, at ₹6,210 per barrel.

Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. The attacks resulted in ships with collateral damage as missiles hit at least three tankers off the Gulf coast and killed one seafarer.

Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles, Reuters reported.

OPEC agreed to resume oil production increases next month amid US-Israeli strikes on Iran. Key members led by Saudi Arabia and Russia will add 206,000 barrels a day. OPEC output increase exceeds the monthly increments of just 137,000 barrels a day in the fourth quarter and comes amid turmoil roiling the Middle East.

Stay tuned to our Crude Oil Prices Live Blog for the latest updates.

Oil price reporting agency S&P Global Platts is suspending bids and offers for price assessments of Middle East refined products that transit the Strait of Hormuz because of shipping disruptions from the US-Iran conflict, the company said in a note to subscribers sent out on Monday and reviewed by Reuters.

S&P Global Platts, one of the larger providers of price and transaction information on the oil and fuel markets for the industry, is also reviewing its Middle East crude pricing mechanism, the company said.

From March 2 until further notice, Platts has suspended the publication of bids and offers in the Middle East refined products Market on Close assessment process where they reflect loading at ports within the Persian Gulf that require transit through the Strait of Hormuz, the company said in the note to subscribers.

On the fiscal response, analysts do not expect the government to cut excise duties to absorb part of the burden faced by OMCs. Emkay Global’s energy team highlighted that OMCs remain relatively well cushioned, with earnings from other business segments helping offset oil marketing losses, reducing the likelihood of a government taking the hit on its books at this point.

“Assuming a ~$10 per barrel deviation from the baseline assumption of $65 per barrel, the eventual balance sheet and fiscal and inflationary impact will hinge on how the burden is shared between the government, OMCs, and end-consumers,” said Madhavi Arora, Lead – Economist at Emkay Global Financial Services Ltd.

Analysts expect the sustained broader regional conflict in the Middle East could take crude oil prices beyond $100 per barrel. For India, the impact is direct as every $1 rise in crude oil price increases the annual import bill by ~$2 billion, putting pressure on the trade balance.

“Markets are likely to move from earnings-driven to oil-driven trading in the near term. Upstream energy and defence may see relative support, while oil-sensitive sectors such as OMCs, paints, tyres, aviation and chemicals face margin pressure,” JM Financial said.

Volatility in crude oil prices is likely to remain high, with WTI crude oil prices expected to hold around $72–$82 if tensions persist. However, signs of de-escalation, prices may correct back below $70. The 206,000 bpd output hike from OPEC+ less than 0.2% of global demand, is too small to offset any major disruption. Price direction will depend on whether Hormuz flows High normalize or conflict escalates further, said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.

MCX crude oil price for March expiry opened higher by ₹118, or 1.93%, at ₹6,210 per barrel. Oil prices jumped as much as 6.61% to a high of ₹6,495 level on MCX. The prices were trading higher by ₹368, or 6.04%, at ₹6,460 per barrel.

The likely spike in crude prices will hurt macro-financial stability by putting pressure on the currency, current account deficit ($10/bbl increase in crude = 0.5% CAD/GDP spike), and domestic inflation.

As the tightness spills over to petchems and commodities, Seshadri Sen, Head Of Research And Strategist at Emkay Global Financial Services Ltd. expects corporate margins to take a hit. Petrol/diesel prices spike ₹0.52 or ₹0.55 per liter for $1 per barrel – if prices stay elevated, expect cuts in excise duties (Re 1 per liter cut = fiscal hit of ₹15,000 crore pa).

Secondly, this will trigger a global risk-off with India bearing the brunt. Vulnerability to energy imports and the expensive valuations cast India on the wrong side of the trade. Expect aggressive, short-term FPI selling as well as a renewed run on the rupee, he added.

The Middle-East conflict escalated over the weekend with the US and Israel bombing Iran. Though Iran’s response in attacking other GCC countries escalated the seriousness, we expect a relatively short conflict lasting a few days to a couple of weeks, given the imbalance between the two sides and the depletion of Iran’s leadership. In the short term, Emkay Global expects severe dislocation of oil supplies and global supply chains, with a spike in Brent crude prices to $90-100 per barrel.

Crude oil prices surged by the most in four years, as the US-Israeli war against Iran plunged the global crude market into turmoil. Brent rallied as much as 13% to above $82 a barrel, the highest level since January 2025, before paring the bulk of its gain. Brent crude oil price surged 4.82% to $76.38 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 4.31% to $69.91.

Investors eye the Strait of Hormuz where around a fifth of the world’s seaborne oil trade flows and 20% of its liquefied natural gas. While the vital waterway has not yet been blocked, marine tracking sites showed tankers piling up on either side of the strait wary of attack or maybe unable to get insurance for the voyage, Reuters reported.

The war in the Middle East escalated as military strikes by the United States and Israel on Iran showed no sign of lessening, while Iran responded with missile barrages across the region, risking dragging its neighbours into the conflict. President Donald Trump suggested to the Daily Mail the conflict could last for four more weeks, while posting that attacks would continue until US objectives were met.

OPEC agreed to resume oil production increases next month amid US-Israeli strikes on Iran. Key members led by Saudi Arabia and Russia will add 206,000 barrels a day. OPEC output increase exceeds the monthly increments of just 137,000 barrels a day in the fourth quarter and comes amid turmoil roiling the Middle East.

Brent crude futures prices surged to $82.37, the highest since January 2025, after the US and Israel launched strikes on Iran and killed its Supreme Leader Ali Khamenei. Brent crude oil price rallied 7.60% to $78.41 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 7.19% to $71.86.

Crude oil prices jumped over 7% to multi-months high levels on Monday as war in the Middle East escalated, following US and Israeli military strikes on Iran, with the vital Strait of Hormuz effectively shut, several tankers damaged and shipments disrupted from the key producing region.

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