Crude Oil Soars to Rs 9,617 Amid West Asia Tensions, Supply Fears
Crude Oil Soars to Rs 9,617 Amid West Asia Tensions, Supply Fears
- •Crude oil prices surged by Rs 359 to Rs 9,617 per barrel in futures trade, marking a fourth consecutive session of gains.
- •The rise is attributed to escalating geopolitical tensions in West Asia and growing supply concerns, particularly around the Strait of Hormuz.
- •International benchmarks, WTI and Brent Crude, also saw significant increases, with WTI reaching USD 101.50 and Brent at USD 109.30 per barrel.
- •US President Donald Trump's warning to Iran regarding the Strait of Hormuz and Tehran's retaliatory signals have heightened fears of regional escalation.
- •The International Energy Agency (IEA) has warned of an unprecedented shock to global oil markets due to the ongoing conflict and supply disruptions.
