Crude Oil Futures Rise For Fourth Straight Day, Fresh US-Iran Strikes Renew Strait Of Hormuz Supply Fears
New Delhi: Crude oil futures rose for the fourth straight session, gaining Rs 232 to Rs 8,216 per barrel on Monday as fresh US-Iran military strikes stoked fears of disruption to energy supplies through the Strait of Hormuz. On the Multi Commodity Exchange (MCX), crude oil for September delivery jumped by Rs 232, or 2.91 per cent, to Rs 8,216 per barrel in 6,578 lots. The October contract also…
Crude oil futures experienced a four-day streak of gains, reaching Rs 8,216 per barrel on Monday, as fresh US-Iran military strikes fueled concerns over potential supply disruptions through the Strait of Hormuz. On the Multi Commodity Exchange (MCX), September crude oil delivery prices rose by Rs 232, or 2.91%, to Rs 8,216 per barrel, while the October contract increased by Rs 100, or 1.27%, to Rs 7,947 per barrel.
MCX crude oil futures climbed due to Iran's retaliatory strikes on US military installations, reigniting fears of a larger conflict after US attacks on Tehran's rocket-launcher sites. Internationally, Brent oil futures for November delivery climbed USD 2.88, or 3.3%, to USD 90.98 per barrel, while West Texas Intermediate (WTI) crude for October rose by USD 2.37, or nearly 3%, to USD 85.77 per barrel.
The weekend witnessed the most significant escalation in a month, with crude prices surging over 3%, surpassing USD 89 a barrel. US military strikes on Iran's Larak Island, their first in a month, followed the detection of Iranian forces preparing to place mines in the Strait of Hormuz. Iran promptly retaliated by launching missiles at American bases in the region, drawing renewed focus to the critical oil chokepoint.
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