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Commodities

Crude Oil Prices Soar Amid US-Iran Conflict Fears

Guavy AI Editorial Team
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Oil
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Crude oil futures rebounded on Thursday after US airstrikes against Iran revived concerns over supply disruptions in West Asia.

The price of crude oil rose to Rs 8,224 per barrel on the Multi Commodity Exchange (MCX) for August delivery, up by Rs 110 or 1.36 percent from the previous day's close.

On the MCX, September contract also advanced by Rs 75 or 1 percent to Rs 7,973 per barrel.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Neo (formerly Kotak Securities), noted that Brent oil futures for September delivery rose nearly 2 percent to trade at USD 92.33 per barrel on the Intercontinental Exchange.

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