Crude oil price trade higher on geopolitical concerns
Oil markets face renewed uncertainty as reports of possible US strikes on Iran raise concerns over supplies and the outlook for crude prices
Crude oil prices surged on Friday morning due to escalating tensions in West Asia and the possibility of a US attack on Iran following the US mid-term elections. At 10:01 am, Brent oil futures were trading at $113.73, up 0.49%, while WTI (West Texas Intermediate) crude futures were at $100.17, up 0.70%. November crude futures on MCX were at ₹9522, up 0.40%, with December futures at ₹9378, up 0.36%.
Warren Patterson and Ewa Manthey of ING Think attributed the price rise to rising supply concerns and mounting fears of a renewed escalation in the Persian Gulf, which could disrupt oil flows. Reports indicate US President Donald Trump may consider strikes on Iran, with the US bolstering its military presence in the region by deploying a second aircraft carrier.
Trump blamed Iran for rising oil prices in a post on Truth Social, accusing them of fabricating incidents and killing protestors. November natural gas futures were down 2.03% on MCX, while NCDEX saw a 0.62% rise in December turmeric and a 0.25% drop in December dhaniya contracts.
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