New Delhi, March 9 -- Crude oil prices surged close to $120 per barrel before slightly retreating on Monday as the conflict in Iran escalated, endangering production and shipping in the Middle East and impacting financial markets significantly.

US WTI Crude oil made a gap up, starting at $98 and is now trading above $115, reflecting an increase of nearly 30%, noted experts. This surge in crude oil prices marks the largest increase since 2020, primarily driven by disruptions in the Middle East.

Over the past weekend, Iran has reduced its crude oil supply by obstructing the Strait of Hormuz, heightening tensions in the region's output. Furthermore, the US Dollar has experienced a significant rise, currently hovering around the 99 level, w...