Iran Sanctions Send Crude Oil Prices Soaring Over 1%

Crude oil futures on the Multi Commodity Exchange (MCX) rebounded from early losses to gain over 1% due to fresh US sanctions aimed at isolating Iran, stoking concerns over possible disruptions to global oil supplies.

The September delivery of crude oil appreciated by Rs 96, or 1.18%, to Rs 8,247 per barrel, while the October contract advanced Rs 91, or 1.14%, to Rs 8,097 per barrel on the MCX.

Kotak Neo said the market is now pricing in the risk of tighter Iranian crude flows, with the Strait of Hormuz emerging as a key pressure point.