Crude Oil Rises to Rs 8,592 Per Barrel Amid US-Iran Hostilities

Crude oil futures have risen for six consecutive sessions on the Multi Commodity Exchange (MCX), reaching Rs 8,592 per barrel on Wednesday. The price increase is due to renewed US-Iran hostilities, which has stoked fears of disruptions to global energy supplies.

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

The flare-up came after the US Central Command said it had completed a fresh wave of strikes against Iranian military targets. Iran expanded its response by striking Jordan, Bahrain, and Kuwait, all of which host US military infrastructure.

Global markets also saw an increase in crude prices, with Brent crude futures for November delivery rising to USD 97.01 per barrel on the Intercontinental Exchange (ICE). West Texas Intermediate (WTI) crude for the October contract rose to USD 90.73 per barrel on the New York Mercantile Exchange (NYMEX).