Crude oil price rise on reports of potential US military action against Iran
At 10.03 am on Friday, December Brent oil futures were at $116.04, up by 1.01%, and December crude oil futures on WTI were at $103.14, up by 1.12%
Oil prices surged on Friday as speculation swirled around a possible US military intervention in Iran. Brent and West Texas Intermediate crude futures climbed by 1.19% and 1.18% respectively, reaching $116.25 and $103.20 each. In India, November crude futures on the MCX were up 1.24% at ₹9829, while December futures saw a 1.12% increase to ₹9694.
A Wall Street Journal report quoted US officials, revealing that high-ranking US officials briefed President Trump on potential military options against Iran. This news sparked concerns of potential oil supply disruptions, as the Houthis claimed attacks on Saudi Arabian oil infrastructure.
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