New Delhi, April 27 -- Crude oil prices surged on Monday as stalled US-Iran peace negotiations signalled potential disruptions to Middle East energy exports. With a comprehensive agreement remaining elusive and repeated false starts, the continued closure of the Strait of Hormuz has intensified supply concerns.

Brent crude rose 2.63% to $108.10 per barrel, while US West Texas Intermediate (WTI) crude futures advanced 2.44% to $96.70. Elevated energy prices continue to pose a significant challenge to India's macroeconomic stability.

Analysts at Emkay Global Financial Services believe that a prolonged closure of the Strait will likely compel the government to increase retail fuel prices. They expect an initial hike of Rs.10 per litre.

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