Iran's Aggressive Stance Sends Crude Oil Prices Soaring Globally
Crude oil prices rose globally on reports that Iran is adopting a more aggressive stance in the ongoing West Asia crisis. The August crude oil futures contract on the Multi Commodity Exchange (MCX) was trading at ₹8152, up by 1.10% from the previous close of ₹8063.
The increase in crude oil prices comes after an unnamed senior official from Iran reportedly said that 'Iranian entities must be prepared to escalate tensions in the Strait of Hormuz and wider region.' The official stated that Iran would conduct a 'timely and precise' military attack if diplomacy failed.
The US had signed a memorandum of understanding with Iran on June 17, but it expired on August 17. US President Donald Trump tweeted, 'The number one Goal is, and always will be, that Iran cannot have, in any way, shape, or form, a Nuclear Weapon.'