Crude Oil Prices Climb as US-Iran Tensions Escalate

Crude oil futures rose for the sixth consecutive session on Wednesday amid renewed US-Iran hostilities, which revived fears of global energy supply disruptions.

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

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

The flare-up came as the US Central Command said it had completed a fresh wave of strikes against Iranian military targets, while the White House indicated that further military action remained possible if Tehran continued retaliatory attacks.