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Oil and gas prices surged following the U.S. blockade on the Strait of Hormuz, with Brent crude nearing $104 per barrel. The Middle East conflict disrupts global energy markets, risking inflation.
Image showing a petrol pump in Guwahati, Assam, Thursday, March 26, 2026.
(PTI)US President Donald Trump announced that the U.S. Navy would quickly begin blockading ships entering or leaving the Strait of Hormuz after ceasefire talks between the United States and Iran in Pakistan ended without a deal. The U.S. Central Command said the blockade would start on Monday at 10 a.m. EDT (1400 GMT), targeting all maritime traffic to and from Iranian ports.
Global crude oil prices jumped by around 8%, crossing the $100-per-barrel threshold in early trading after 21 hours of peace talks between the United States and Iran in Islamabad broke down over the weekend.
Fuel prices today: Check petrol, diesel prices in your cities today
| New Delhi | ₹94.77 | ₹87.67 |
| Mumbai | ₹103.54 | ₹90.03 |
| Chennai | ₹100.80 | ₹92.39 |
| Kolkata | ₹105.41 | ₹92.02 |
| Hyderabad | ₹107.46 | ₹95.70 |
| Bangalore | ₹102.92 | ₹90.99 |
Oil and natural gas prices surged after the United States moved to impose a blockade on the Strait of Hormuz.
Brent crude oil price today
Oil prices rose in early market trading after the blockade announcement. The price of U.S. crude rose 8% to $104.24 a barrel, and Brent crude oil, the international standard, rose 7% to $102.29. Brent crude cost roughly $70 per barrel before the war in late February.
The war in the Middle East has disrupted global energy markets, driving up prices that risk fueling inflation while dampening economic growth. At the same time, refiners and traders worldwide are rushing to secure readily available crude shipments as physical supplies tighten.
Iran says, ‘if you fight, we will fight'
As reported by AP, a chorus of top-ranking Iranian officials threatened retaliation. Mohsen Rezaei, a military adviser and a former Revolutionary Guard Commander, wrote on X that the country’s armed forces had “major untouched levers” to counter a Hormuz blockade. He said Iran would not be coerced by “tweets and imaginary plans.”
Iranian parliament speaker, Mohammad Bagher Qalibaf, who led Iran’s side in the talks, addressed Trump in a statement on his return to Iran: “If you fight, we will fight.”
India boosts 5-kg LPG supply amid Middle East war
India has increased the supply of smaller 5-kg LPG cylinders and sped up the expansion of piped natural gas (PNG) connections to manage fuel availability amid disruptions caused by the West Asia conflict.
Since March 23, more than 1.3 million 5-kg free trade LPG cylinders have been sold, with daily sales exceeding 100,000 units, as authorities work to improve access for migrant workers and low-income households, according to an official statement.
We will not be coerced by tweets and imaginary plans.
At the same time, over 424,000 new PNG connections have been activated since March, with more than 30,000 consumers giving up LPG connections as part of the shift.
(With inputs from agencies)
Key Takeaways
- The U.S. Navy's blockade of the Strait of Hormuz is expected to significantly impact global oil supplies.
- Oil prices surged over 8% following the blockade announcement, raising concerns about inflation and economic growth.
- India is increasing its supply of smaller LPG cylinders and expanding piped natural gas connections to manage fuel availability.
About the Author
Mausam Jha
Mausam Jha is a journalist who focuses on world affairs and politics. She provides clear, informative reporting with a good understanding of both global events and their local impact. <br><br> Her clear, accessible reporting on political and international issues makes her a trusted source of news and analysis. <br><br> For the past three years, Mausam has worked with Mint, covering national politics, IR—including elections—and global affairs.<br> Before joining her current role, she gained experience working with The Statesman, ANI, and Financial Express, where she honed her skills in political and international news. <br><br> She has consistently tracked key electoral battles, including US elections, Japan elections, policy debates, and strategic affairs, explaining how global currents, from great power competition to regional conflicts <br><br> Beyond journalism, Mausam has a deep engagement with international relations, diplomacy, war studies, terrorism, political history, and political theory. She is particularly interested in the intersection of statecraft and society on how governance, ideology, and institutions shape lived realities, and how politics shape today's world order. <br><br> An avid reader of classical literature and political thought, she constantly explores the connections between historical ideas and contemporary policy challenges.
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