Crude Oil Hits Six-Month High Amid US-Iran Tensions, Supply Concerns

• Crude oil prices reached a six-month high, with Brent at $72/barrel and WTI at $67/barrel, driven by escalating US-Iran nuclear program tensions.
• US President Donald Trump's ultimatum to Iran for a nuclear deal within 10-15 days, threatening "very bad things," fueled market fear of military action.
• Largest US military deployment in the Middle East since 2003 and Iran's fortification raise concerns about oil supply disruptions, especially in the Strait of Hormuz.
• US crude inventory dropped by 9 million barrels last week, indicating strong demand and supporting higher prices; investors are buying call options up to $100.
• Rising crude prices pose a concern for India due to high import dependency, potentially leading to increased petrol/diesel prices, inflation, and economic impact.