Crude Oil Futures Surge as US-Iran Hostilities Escalate

Crude oil futures continued their rally for the sixth consecutive session on Wednesday, rising nearly 1% to ₹8,592 per barrel amid renewed US-Iran hostilities.

The Multi Commodity Exchange saw crude oil futures for the September delivery jump by ₹56, or 0.66%, to ₹8,592 per barrel.

Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that 'crude oil's rally accelerated on Wednesday after Washington and Tehran resumed direct hostilities following a period of relative calm.'

Chainwala added that the flare-up has raised concerns about global energy supply disruptions, with Brent oil futures for November delivery rising by USD 2.36, or 2.5%, to USD 97.01 per barrel on the Intercontinental Exchange (ICE).