New Delhi, March 9 -- Crude oil prices retreated sharply from intraday highs on Monday after surging to their highest levels since mid-2022 amid escalating geopolitical tensions in the Middle East.

US crude benchmark WTI had earlier jumped 31.4% to a session high of $119.48 per barrel, while Brent crude rose nearly 29% to $119.50 per barrel. The rally came after the escalating US-Iran war lifted Brent oil prices by 27% and WTI oil prices by 35.6% last week.

However, selling pressure intensified at higher levels, leading to a pullback in oil prices. Brent crude fell about 11% from its peak, while WTI declined nearly 15% from its intraday high.

Despite the correction, crude oil prices remained elevated. Brent crude was trading 14.13% hig...