Oil prices surge amid Middle East conflict: How Indian oil stocks performed last week?

Oil prices saw a massive rally last week amid the raging war in the Middle East, as the Strait of Hormuz effectively closed for traffic, leading to disruption of shipments and supply constraints. US crude oil prices rose to $84.90, the highest since April 2024. Brent crude futures rose to ⁠the highest ‌since July 2024 at $87.66 a barrel, recording a 20% weekly rise—the largest since Russia launched its full-scale invasion of Ukraine in February 2022. Qatar’s energy minister Saad al-Kaabi told the Financial Times that global oil prices could surge to as high as $150 a barrel if the conflict in the Middle East intensifies and disrupts energy supplies from the Gulf.

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