Crude oil hits multi-year highs as US-Iran tensions disrupt supply; check latest Brent, WTI prices

Crude price today on April 3: Oil prices jumped sharply on Friday, reflecting heightened tensions in the Middle East after the US launched additional strikes on Iran. The developments raised concerns over energy supply flows through the Strait of Hormuz, a key oil shipping route.

Crude price today on April 3

Brent crude, the global benchmark, climbed 7.8 per cent to $109.03 per barrel, briefly exceeding $111. At the same time, US West Texas Intermediate (WTI) near-term futures hit $112.067, up 11.93 per cent, marking the largest-ever premium over second-month contracts. Earlier in the session, WTI had surged above $113 per barrel.

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The surge follows volatile trading on Wednesday. Oil prices initially dropped as traders awaited US President Donald Trump’s national address. Brent fell $1.16 to $100, while WTI lost $1.41 to $98.71. Sentiment shifted after the speech, with Brent climbing over 4 per cent to $106 and WTI rising 3 per cent to $103.

The latest gains highlight supply concerns. Iran’s continued obstruction of the Strait of Hormuz has disrupted shipments through a passage that normally handles about a fifth of global oil trade. The ongoing US-Israeli conflict with Iran, now in its fifth week, has removed millions of barrels per day from global supply, pushing energy prices to multi-year highs and triggering fuel shortages in dependent countries.

In a Wednesday evening address, Trump vowed to hit Iran “extremely hard” in the coming weeks but did not provide a plan to reopen the strait. Instead, he suggested other nations should restore shipping access.

Asian markets gain on hopes of reopening the strait

Asian markets traded higher on Friday, though many were closed for the Good Friday holiday. Japan’s Nikkei 225 rose 1.27 per cent, and the Topix gained 0.97 per cent. South Korea’s Kospi led regional gains, surging 3.23 per cent, while the Kosdaq climbed 1.45 per cent. Markets in Hong Kong, Singapore and Australia remained closed. India’s stock market was also shut for Good Friday.

US futures steady amid mixed overnight trade

US stock futures were little changed on Friday. S&P 500 futures stood at 6,614, down 0.12 per cent, Nasdaq 100 futures at 24,181.75, down 0.15 per cent, and Dow Jones futures at 46,676, down 0.12 per cent.

Overnight on Wall Street, indices ended slightly mixed. The Dow Jones fell 0.13 per cent to 46,504.67, while the S&P 500 rose 0.11 per cent to 6,582.69 and the Nasdaq Composite gained 0.18 per cent to 21,879.18.

For the week, US indices recorded strong gains. The S&P 500 jumped 3.36 per cent, the Nasdaq rose 4.44 per cent, and the Dow gained 2.96 per cent. These marked the biggest weekly rise in four months and the first week of gains in six.