Oil prices surge 13% after Iran strikes shut down Strait of Hormuz traffic. Exxon Mobil and Chevron stocks rise on expectations of higher crude prices.

Israel launched a new wave of strikes on Tehran and Iran responded with more missile barrages. Iran has said it has closed navigation through the Strait of Hormuz, prompting Asian governments and refiners to assess oil stockpiles.

Oil prices soared over 7% amid escalating Israel–Iran conflict and fears of Strait of Hormuz disruption. Analysts warn of rising inflation risks and pressure on India’s economy.

Oil futures surged in the first trades since the United States and Israel launched strikes against Iran over the weekend.

With the Strait of Hormuz closure impacting 54% of India's LNG and crude imports, the government is exploring new supply routes.

Crude oil futures soared 9 per cent to a lifetime high of Rs 6,700 per barrel after Saudi Aramco shut its Ras Tanura refinery due to a drone strike. Brent and WTI prices also climbed sharply amid Middle East tensions.

The velocity of the rebound is particularly noteworthy — price behavior of this nature is characteristic of institutional accumulation rather than opportunistic retail buying.

April WTI crude oil (CLJ26) today is up +0.54 (+0.81%), and April RBOB gasoline (RBJ26) is up +0.0161 (+0.72%). Crude oil and gasoline prices are moving higher today, with crude climbing to a 6.5-month high.

A complaint has been filed in the U.S. District Court for the District of Columbia seeking to forfeit the Motor Tanker Skipper – a crude oil tanker seized by the United States on the high seas in December 2025 – and approximately 1.