New Delhi, March 5 -- Global crude oil prices rose over 2% on Thursday amid escalating tensions in West Asia, supply constraints and fears of a prolonged conflict disrupting critical energy routes.

Around 7:15 AM, the April contract of the benchmark crude on the Intercontinental Exchange was trading at $83.26 per barrel, higher by 2.43% from its previous close. Similarly, the April contract of West Texas Intermediate on the NYMEX rose 2.63% to $76.63 per barrel.

A potential disruption at the Strait of Hormuz, a chokepoint for over a quarter of global oil trade, has reignited supply shock fears, lifting crude prices and heightening risks for import-dependent economies like India.

A Kotak Securities report on Wednesday said that the shar...