Crude Prices Surge as Iran Threatens Retaliation, Strait of Hormuz Curbs Bite

• Crude oil prices climbed again after Iran rejected Trump’s truce proposal and threatened 'relentless retaliation'.
• Brent crude futures crossed $103 per barrel, and WTI crude futures rose above $91 per barrel.
• The Strait of Hormuz is closed to all but Iran's friendly nations, as stated by Iranian Foreign Minister Abbas Araghchi.
• The ongoing conflict and tanker stoppage have caused a supply shortage and energy crisis, prompting countries to diversify import sources.
• Rising crude costs may force Indian OMCs to increase Aviation Turbine Fuel (ATF) prices, potentially leading to higher airfares.