Crude Oil Prices Soar 9.85% Amid West Asia Tensions

Crude oil prices surged by as much as 9.85% in the international market, reaching a two-month high of $102 per barrel on Thursday, July 23.

The price hike was driven by escalating tensions in West Asia and concerns over global energy security, particularly following recent attacks on Saudi Arabia-linked oil tankers in the Red Sea.

Additionally, the US has been carrying out strategic attacks against Iranian targets for 13 consecutive nights, which has heightened uncertainty in global energy markets.

In India, crude oil contracts for August expiry soared by 30% over the month and 9% during the week on the Multi-Commodity Exchange (MCX).