Crude Oil Surges to Two-Month High Amid West Asia Tensions

Crude oil prices surged to a two-month high this week amid escalating tensions in West Asia, reaching $102 per barrel for Brent Crude futures. This marks a 9.85% increase over the past five days and a 33% rise so far in July.

The recent attacks on Saudi Arabia-linked oil tankers in the Red Sea by Iran-backed militants, combined with ongoing US military actions against Iranian targets, have heightened uncertainty in global energy markets. The Houthis' attack led to Saudi retaliation against Yemen's Houthi-held city of Hodeidah.

Domestically, crude oil contracts for August expiry on the Multi-Commodity Exchange (MCX) soared 30% over the month and 9% during the week. Globally, gold prices rose nearly 2% on the MCX, while silver surged 5% internationally.