WTI crude oil futures surged over 6% to approach $107 per barrel on Thursday, as hopes of a near-term resolution to the Iran conflict dimmed sharply. In a prime-time address, Donald Trump stated that U.S. forces would 'hit them extremely hard over the next two to three weeks,' signaling further escalation rather than de-escalation. This rhetoric reignited fears of prolonged supply disruption, particularly through the Strait of Hormuz, which accounts for nearly 20% of global oil flows. The geopolitical shock reversed earlier losses, with markets brushing aside bearish U.S. inventory data. US crude inventories rose by 5.5 million barrels to 461.6 million last week. On the domestic front, MCX crude futures climbed 7.2% to ₹9,925 per barrel, steadily approaching the recent high of ₹10,177 recorded on March 9.

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