Brent Crude Surges Past $100 per Barrel Amid Escalating US-Iran Tensions
Brent Crude oil futures surged past $100 per barrel on Wednesday after more than three months, citing renewed US-Iran conflicts as a key driver. The price spike comes as tensions in West Asia escalate, with the US striking Iranian tankers near Kharg Island and Houthi militants hitting Saudi Arabia's Jazan refinery.
The Nifty Oil & Gas index held a gain of 0.2% at 11,070 led by a sharp rally in Aegis Logistics and Aegis Vopak. However, nearly 50% of the Nifty Oil & Gas stocks are holding losses compared to their May levels, with ONGC stock slipping another 17% to ₹236.
Mohammed Imran from Mirae Asset Sharekhan remains bullish on crude oil, predicting a gradual move towards $115/bbl by October-November if the conflict persists. This could support strained inventories and persistent supply disruption, pushing Brent prices further up.