Brent crude trade higher at $119.40/bbl

Crude oil prices surged more than 26 per cent to hit a lifetime high of Rs10,549 per barrel in futures trade amid disruptions in global energy supply due to intensified West Asia crisis. Crude oil for March delivery soared by Rs2,186, or 26.13 per cent, to touch a fresh high of Rs10,549 per barrel from Friday’s close of Rs8,363 per barrel.

The price for April contract also appreciated by Rs2,158, or 26.91 per cent, to a new peak of Rs10,177 per barrel against Rs8,019 per barrel in the previous session.

During the session, both contracts hit their respective upper circuit limit on the MCX. In the international markets, crude oil prices surged above $100 per barrel for the first time since 2022.