India, April 8 -- Crude oil prices rose nearly 3 per cent to hit a record high of INR 10,888 per barrel in futures trade on Tuesday, tracking strong global cues as tensions between the US and Iran intensified ahead of President Donald Trump's deadline for reopening the Strait of Hormuz.

On the Multi Commodity Exchange (MCX), crude oil for April delivery increased by INR 300, or 2.83 per cent, to hit a lifetime high of INR 10,888 per barrel. Similarly, the May contract also advanced INR 170, or 1.82 per cent, to touch a fresh record high of INR 9,485 per barrel on the MCX.

"Crude oil prices remained firm as geopolitical tensions intensified ahead of US President Donald Trump's deadline for Iran, keeping markets highly sensitive to every ...