The rise followed warnings from US President Donald Trump about possible military action against Iran in the coming weeks, intensifying uncertainty in global energy markets.

Brent crude futures climbed to around $109 per barrel, gaining nearly 8 per cent, while US West Texas Intermediate (WTI) traded above $111 per barrel.

The ongoing conflict, now in its fifth week, has disrupted supply chains and removed significant volumes of oil from the global market, pushing prices sharply higher.

Countries dependent on shipments through the Strait of Hormuz continue to face mounting pressure, with nearly 20 per cent of global oil flows passing through this critical route.

Market participants remain cautious as geopolitical risks persist.

Analysts warn that any further escalation could sustain upward pressure on crude prices, weaken the Indian rupee, and impact foreign institutional investment flows into emerging markets.

Conversely, signs of de-escalation may offer relief through stabilising prices and easing currency volatility.

In the commodities market, investors also tracked movements in precious metals. Gold prices witnessed slight declines, with COMEX futures slipping marginally despite ongoing geopolitical uncertainty, as traders balanced risk sentiment across asset classes.

Meanwhile, domestic commodity markets remained closed during the morning session due to Good Friday.

Indian equity markets also extended losses for the sixth consecutive week, reflecting investor caution amid rising global tensions and currency fluctuations.

Across global markets, the surge in crude prices underscores the far-reaching impact of geopolitical developments, with energy costs, inflation concerns, and market stability closely tied to evolving events in West Asia.