Crude Futures Rise For Fourth Straight Session As Strait Of Hormuz Tensions Fuel Oil Rally
New Delhi: Crude oil futures rose for the fourth straight session, increasing by Rs 57 to Rs 8,145 per barrel on Wednesday, tracking firm global trends as renewed risks around the Strait of Hormuz deepen concerns over the flow of energy supplies from West Asia. On the Multi Commodity Exchange (MCX), crude oil for September delivery traded higher by Rs 57, or nearly 1 per cent, to Rs 8,145 per…
Crude oil futures experienced a fourth consecutive day of gains, climbing by Rs 57 to Rs 8,145 per barrel on Wednesday. The surge in prices was driven by heightened concerns over shipping and energy supplies stemming from tensions around the Strait of Hormuz. In a bid to satisfy growing global demand, Saudi Aramco resorted to ship-to-ship transfers near the UAE coast, despite the increased costs.
Meanwhile, analysts warn that the attack on a merchant vessel in the region could further disrupt the flow of crude oil through this vital shipping lane.
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