Global oil prices rose sharply on Thursday amid a stalemate in peace talks between the United States and Iran, keeping the Strait of Hormuz effectively closed for over 50 days. Brent crude for June delivery traded at $103.35 a barrel, up 4%, while West Texas Intermediate futures climbed 1.62% to $94.47. The prolonged blockade has disrupted nearly one-fifth of global oil and gas supplies, fueling sustained price increases that analysts warn could impact India’s import bill and broader economic stability.
US President Donald Trump extended the ceasefire but maintained the naval blockade, with US forces directing 31 vessels to turn back. Iran’s navy seized two container ships, while its negotiators refused further talks, calling them a “waste of time.” The Indian tanker Desh Garima, carrying 31 seafarers, safely reached Mumbai on Wednesday. India’s crude basket stood at $102.46 per barrel on April 21, with April’s average at $115.8. Authorities said retail fuel outlets remain unaffected, but analysts caution that prolonged disruption could weigh heavily on global markets.