New Delhi, April 20: The recent decision by Iran to close the Strait of Hormuz has led to a significant spike in crude oil prices. Brent crude has surged past $95 per barrel once again.
As of 10:40 AM, Brent crude was trading at $95.40 per barrel, reflecting a 5.55% increase, while WTI crude rose by 6.11% to reach $87.63 per barrel.
The Multi Commodity Exchange (MCX) also observed a rise in crude oil prices. The contract for crude oil set for May 18, 2026, was up by 6.64%, priced at ₹8,175.
The increase in oil prices is attributed to Iran’s renewed closure of the Strait of Hormuz. Iran has also warned sailors that crossing the strait without permission will result in consequences.
On the other hand, the United States has adopted a firm stance. President Donald Trump stated that Tehran cannot blackmail the U.S. by closing the waterway.
Iran claims it is responding to the ongoing U.S. blockade of its ports, labeling it a violation of the ceasefire. Supreme Leader Mojtaba Khamenei asserted that the nation’s navy is prepared to deliver a “new and decisive defeat” to its enemies.
U.S. actions continue, with the seizure of an Iranian cargo ship that attempted to breach the blockade. In retaliation, Tehran has warned of countermeasures, raising doubts about the sustainability of the two-day ceasefire previously established between the two nations.
Meanwhile, amid global instability, domestic indices Sensex and Nifty opened lower.
Asian markets showed positive performance, with Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s KOSPI rising by up to 1%.
In the previous session, U.S. markets closed positively, with the S&P 500 up by 1.2% and the Nasdaq gaining 1.52%.
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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