Crude Oil Prices Set for Volatile Start on September 14th

Crude oil prices are set to be volatile on September 14th, according to Univest's research desk. The current price is Rs 9,479.00 per barrel on MCX, down 2.5% from the previous day's close. This soft start is being attributed to the escalating US-Iran conflict and a four-month high in Brent crude prices above $108.

On Friday, Brent crude spiked to its highest level since May, causing markets to be rattled. However, this gain was pared back into the close, resulting in a volatile session that closed lower despite the intraday spike.

The weekend has seen Goldman Sachs raise their Brent and WTI price forecasts by $5 each, with warnings of further price increases if Gulf output remains below pre-war levels. Saudi Arabia's crude production has fallen sharply due to Iran-backed Houthi forces striking energy facilities inside the country.