Brent Crude Prices Hold Near $100 Amid Geopolitical Tensions
Crude oil futures on India's Multi Commodity Exchange (MCX) dropped by 1.64% to Rs 8,876 per barrel for August delivery on Friday, amidst a 2% decline in global benchmark Brent crude prices.
The fall came as traders booked profits following the recent rally driven by concerns over supply disruptions due to geopolitical tensions in West Asia, said Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities.
According to Banerjee, the Brent crude price held near $100 a barrel after crossing that mark for the first time in two months this week. The rally was triggered by Yemen's Houthi attacks on Saudi oil tankers, US President Donald Trump's threat of a massive strike on Iran, and Kazakhstan's suspension of exports through the Caspian pipeline following drone strikes.
In international markets, Brent futures for September delivery traded marginally lower at $100.28 per barrel on the Intercontinental Exchange, while West Texas Intermediate (WTI) fell 0.53% to $91.70 per barrel on the New York Mercantile Exchange.