Global Crude Prices Surge Above $100 Amid Gulf Tensions

Global crude oil prices have surged above $100 per barrel due to escalating geopolitical tensions in the Gulf and fears over global energy supplies.

The international benchmark Brent crude rose by 0.43% or 44 cents to stay above the $100-a-barrel level, while US West Texas Intermediate (WTI) crude gained 0.69% or 64 cents to reach $92.83 a barrel.

In the domestic market, crude oil futures for August delivery on the Multi Commodity Exchange (MCX) were trading at Rs 8,865 per barrel, down Rs 159, or 1.76%, at around 10 a.m.

The sharp spike in Brent crude to about $100 is attributed to the recent attack on Saudi tankers by Iran-backed Houthi forces in the Red Sea and continued disruptions in the Strait of Hormuz, two critical oil transit routes.