US-Iran war, March 2 -- Crude oil prices saw a significant rally on the Multi Commodity Exchange (MCX) on Monday, February 2, as the escalating US-Israeli conflict with Iran plunged the global crude market into chaos amid fears of an effective shutdown of the vital Strait of Hormuz.

MCX Crude Oil March 19 Futures surged 6% to Rs.3,6457 on Monday.

Meanwhile, on the international front, Brent Crude surged as much as 13% to climb above $82 per barrel on Monday - its highest level since January 2025 - before trimming most of its gains.

According to a Bloomberg report, tanker movement through the strait has mostly come to a standstill, as shipowners and traders voluntarily pause operations amid the escalating conflict. Strait is the critica...