New Delhi, March 30: Crude oil prices surged globally on Monday, rising over 3% amid escalating tensions in West Asia. This spike occurred particularly as Yemen’s Iran-backed Houthi group joined the conflict.
International benchmark Brent crude futures climbed 3.66%, reaching an intra-day high of $116.70 per barrel, nearing a 52-week peak. Meanwhile, the U.S. benchmark WTI crude also saw an increase of over 3%, surpassing $103 per barrel.
This price surge followed missile attacks on Israel by Houthi forces over the weekend. The Houthi group has warned that they will continue their attacks until strikes against Iran and its allied groups cease. This has added further risk to an already pressured global energy market.
Brent crude prices have risen more than 50% in March alone, approaching levels seen at the onset of the war, even as diplomatic efforts continue.
Analysts indicate that crude oil has become a critical economic factor at this time. The market is now speculating that supply disruptions could persist for an extended period. Some global forecasts suggest that if tensions remain high, prices could soar to $200 per barrel.
Experts warn that this situation is concerning for import-dependent countries like India, as it could lead to increased inflation, impact corporate profits, and widen the current account deficit.
The global stock markets also felt the impact. Wall Street closed lower, with the S&P 500 index down 1.67% and the Nasdaq falling nearly 2%.
Asian markets showed weakness as well. Japan’s Nikkei dropped nearly 4%, while Hong Kong’s Hang Seng fell over 1% and South Korea’s Kospi declined by almost 3%.
This trend was reflected in Indian stock markets too, with both the Sensex and Nifty indices opening over 1% lower in early trading, as the crisis in West Asia enters its fifth week and shows signs of escalating further.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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