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Brent and WTI crude surge as Iran rejects Trump truce, keeps Strait of Hormuz mostly shut, halting tankers and deepening a global energy crisis.
A Crude Oil Drilling Platform. (File Photo)
The crude oil prices climbed once again after a brief relief following Trump’s de-escalation effort to end the war and the opening of the Strait of Hormuz. However, as Iran has rejected Trump’s truce proposal and has warned the US for ‘relentless retaliation’ against any US attempt to take its strategic Kharg Island.
On Thursday morning, Brent crude oil futures crossed $103 per barrel with a sharp spike of 1.62 per cent. WTI crude futures also rose above $91 per barrel.
Earlier, crude futures tanked once the reports emerged that the US was seeking to end the conflict with diplomatic talks and a one-month-long ceasefire.
The Strait of Hormuz is closed for all but friendly nations of Iran, as said by Iranian Foreign Minister Abbas Araghchi.
While the conflict has entered on Day 27, the stoppage of tankers laden with gas and oil has prompted a supply shortage for countries depending on gulf nations. The supply disruption has spiraled into an energy crisis, prompting countries to diversify their import sources and mint deals.
The rising cost of crude oil has put pressure on Indian oil market companies (OMCs) to increase Aviation Turbine Fuel (ATF) from 1st of April. If that happens, domestic airlines will be bound to increase airfares due to rising operational cost and shrinking margins.
March 26, 2026, 10:22 IST
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