New Delhi, 20 April. There was a jump in the price of crude oil on Monday due to Iran’s decision to close the Strait of Hormuz again. The price of Brent crude has again exceeded $ 95 per barrel. At 10:40 am, Brent crude was up 5.55 per cent at $95.40 per barrel and WTI crude was at $87.63 per barrel, up 6.11 per cent. A decline in the price of crude oil has also been seen on the Multi Commodity Exchange (MCX). The contract of crude oil for May 18, 2026 was at Rs 8,175 with a rise of 6.64 percent.
The reason for the rise in crude oil is the re-closure of the Strait of Hormuz by Iran. Also, Iran has warned sailors that they will face action if anyone crosses the strait without permission. On the other hand, America has also adopted a tough stance. President Donald Trump said that Tehran cannot blackmail America by closing the waterway. At the same time, Iran said that it is responding to the continuous US blockade of its ports. Also, it was called a violation of the ceasefire. At the same time, Supreme Leader Mojtaba Khamenei said that the country’s navy is ready to give a ‘new crushing defeat’ to its enemies.
America’s action continues. It has seized an Iranian cargo ship that tried to break its blockade. In response, Tehran has warned of retaliatory action and doubt has arisen whether the two-day ceasefire scheduled between the two countries will be maintained or not. Meanwhile, domestic indices Sensex and Nifty opened with losses amid global volatility. Asian markets saw positive performance, with Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi rising up to 1 percent. US markets closed on a positive note in the previous session, with the S&P 500 up 1.2 per cent and the Nasdaq up 1.52 per cent.
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