Oil prices climbed more than 2 per cent as the West Asia conflict rages, with Israel expanding its ground offensive in Lebanon over the weekend.
US crude futures (WTI) climbed by 2.71% to $89.73 a barrel, while Brent crude futures gained 2.37% to $93.28 a barrel, Reuters reported.
In terms of Rupees, the 3 per cent rebound accounted to Rs 8,536 per barrel in futures trade. Ending a three-day losing streak, the most-traded contract for June contract rose by Rs 255, or 3.08 per cent, to Rs 8,536 per barrel in 10,943 lots, on the Multi Commodity Exchange (MCX). It had finished at Rs 8,281 per barrel on Friday.
The sharp rise comes amidst renewed conflicts between Iran-US and Israel-Lebanon despite a ceasefire in place. The recent attacks have dampened hopes of a broader easing of tensions in the regions, thus pushing oil prices. The US hosted a second round of peace talks between Israel and Lebanon on Friday. Despite this, IDF intensified military operations in Lebanon, increasing uncertainty over the future of the ceasefire and wider regional stability.
According to market experts, the possibility of further disruption in the strait could slow efforts to fully restore shipping traffic post-war, limiting its pace and indirectly affecting the global market.
Reports reveal that 29 out of the 109 big vessels, capable of hauling over 7,00,000 barrels or more, which were stranded at or near the Strait of Hormuz when the Iran war began, and the route was effectively shut, have managed to cross the chokepoint. It highlighted that Iran-linked ships are not part of this calculation.
Meanwhile, in India commercial LPG cylinders have been increased by ₹42 for every 19 kg cylinder, effective from Monday, June 1, 2026. This means that the price of a cylinder for commercial use in Delhi will now be ₹3,113.50, against its earlier price of ₹3,071.50.
The state-run oil marketing companies (OMCs) kept prices of domestic cylinders untouched in their entirety. The price of the commonly used domestic cylinder weighing 14.2 kg still stands at ₹913 in the nation’s capital.
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