Crude oil prices surged over 3 per cent to $109 per barrel in futures trade a day after US President Donald Trump left China for Washington amid continued uncertainty in the Strait of Hormuz.
On the Multi Commodity Exchange (MCX), crude oil prices for May delivery surged over 1.5 per cent on Saturday as the deadlock between Iran and the United States remained.
Besides, the July contract also advanced by 3.68 per cent to $105 per barrel.
Analysts have said that the supply disruptions caused by the blockade of the Strait of Hormuz will continue to affect the market in the coming days if the deadlock between the two sides continues.
Global benchmarks also rallied sharply, with Brent oil for the July contract gaining $3.54, or 3.35 per cent, to $109.26 per barrel, while West Texas Intermediate (WTI) for June delivery rose nearly 4 per cent to $105 per barrel in New York.
Brent crude and West Texas Intermediate climbed on Friday after the nominal progress in US-China talks.
The Strait of Hormuz closure has remained a key flashpoint, with limited movement of global shipping in the critical waterway.
The International Energy Agency (IEA) has said that the global oil markets will continue to remain undersupplied even if the geopolitical tensions ease in the coming months.
Continued disruptions have forced several Asian countries to announce austerity measures to overcome the supply issues.
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