Mumbai, April 4 -- WTI crude oil futures witnessed a massive spike on 2 April 2026, soaring around 12% to break above $110 per barrel, as hopes of a near-term resolution to the Iran conflict dimmed sharply. This reignited fears of prolonged supply disruption, particularly through the Strait of Hormuz, which accounts for nearly 20% of global oil flows. The US President Donald Trump has said in his first national address since the start of the war that the US would hit Iran extremely hard in the coming weeks. WTI Crude has zoomed near four-year highs following this spurt and rallied around 12.50% this week.
Meanwhile, Crude oil inventories in the United States increased by 5.5 million barrels during the week ending March 27, according to new...