Global crude oil prices continued to surge, extending gains from their highest close in nearly four years. Washington has signalled no easing of its naval blockade and moved to seize tankers linked to Tehran, raising fears of prolonged supply disruptions.

Yesterday, Brent crude futures hovered near 120 US dollars per barrel after jumping more than 6 per cent to its highest level since June 2022. Today, Brent Crude was trading 3.5 per cent up from the previous close, trading at 122 US dollars and 20 cents per barrel, while West Texas Intermediate crude was trading 1.3 per cent higher at 108 US dollars and 31 cents per barrel, when reports last came in.