Crude Oil Futures Drop Amid Ongoing Geopolitical Tensions

Crude oil futures on the Multi Commodity Exchange (MCX) fell by 2% to Rs 8,876 per barrel on Friday due to profit-booking after a recent rally.

The August delivery contract declined by Rs 148, or 1.64%, while the September contract eased Rs 154, or 1.79%, in trading volumes of 17,232 lots and 2,125 lots respectively.

Traders attributed the decline to profit-booking after crude prices surged in recent weeks amid concerns over supply disruptions in West Asia.

Meanwhile, Brent oil futures hovered near USD 100 per barrel on the Intercontinental Exchange, while US President Donald Trump's threat of a massive strike on Iran and Kazakhstan's suspension of exports through the Caspian pipeline kept supply concerns alive.