New Delhi, April 7 Crude oil prices surged by Rs 300, hitting a record high of Rs 10,888 per barrel in futures trading on Tuesday, driven by strong global energy benchmarks amid persistent supply concerns and geopolitical tensions in West Asia.
On the Multi Commodity Exchange (MCX), crude oil for April delivery rose by Rs 300, or 2.83 per cent, to reach a lifetime high of Rs 10,888 per barrel.
Similarly, the May contract also increased by Rs 170, or 1.82 per cent, to touch a new record high of Rs 9,485 per barrel on the MCX.
Analysts said crude prices remained supported by tightening global supply conditions and uncertainty surrounding the Strait of Hormuz, a key shipping transit route for energy exports.
The rally followed sharp gains in international oil prices, as traders remained concerned over supply disruptions and ongoing conflict in West Asia.
In the international market, West Texas Intermediate (WTI) crude futures for May delivery gained USD 4.14, or 3.7 per cent, to USD 116.55 per barrel, while Brent oil for the June contract rose by 1.5 per cent to USD 111.40 per barrel in New York.