Crude futures on MCX hit ₹10,888 up nearly 3%
Business
Crude oil futures on the MCX soared to an all-time high of ₹10,888 per barrel today, jumping nearly 3%.
This spike is mostly because of global supply worries: tensions in West Asia and uncertainty around the crucial Strait of Hormuz are making energy markets nervous.
Global crude rises, May contracts higher
It's not just India: global prices are climbing too, with US and Brent crude both seeing big jumps.
As a result, even domestic contracts for May have reached new highs.