Crude Oil Prices Surge on US-Iran Tensions

Crude oil futures rose for the fourth straight session on Thursday, September 1, driven by concerns over disruptions to energy supplies through the Strait of Hormuz. The MCX crude oil futures surged up to Rs 232, or 2.91 per cent, to Rs 8,216 per barrel in 6,578 lots.

The rise in prices was largely due to fresh US-Iran military strikes that rekindled fears of a wider conflict following Washington's attacks on Tehran's rocket-launcher sites.

Akshat Siddhant, Lead quant analyst at investment platform Mudrex, said that Iran's retaliatory strikes on US military installations rekindled fears of disruption to energy supplies.

On the international markets, Brent oil futures for November delivery rose $2.88, or 3.3 per cent, to $90.98 per barrel on the Intercontinental Exchange.