Brent Crude Surges Near $100 as West Asian Tensions Escalate
Crude oil prices have continued their upward trend in the international market, driven by escalating tensions in West Asia. Brent crude has surged close to the $100-per-barrel mark, while West Texas Intermediate (WTI) crude is trading near the $95-per-barrel level.
Brent crude opened at $97.19 per barrel but quickly slipped to $96.81 before gaining momentum. By 6 p.m. IST, it was trading at $98.72 per barrel, up $1.56 or 1.61% from the opening price.
WTI crude also rose, opening at $92.54 per barrel and eventually reaching $93.84 by 6 p.m. IST, a gain of $2.36 or 2.58%.
The rise in international crude oil prices has significant implications for oil-importing economies like India. Ravichander Khurana, CEO of Khurana Securities and Financial Services, warned that a sustained increase in crude prices could substantially boost the country's import bill.