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Commodities

MCX Crude Oil Prices Soar Over 4% Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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Oil
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The price of MCX Crude oil surged over 4% after the US and Saudi Arabia launched coordinated military strikes against Iran-backed militant targets in Iraq, escalating geopolitical tensions in the Middle East.

The latest spike in oil prices comes at a time when investors were expecting a de-escalation in the region, but instead, fresh military action and reports of attacks on Saudi energy infrastructure have raised concerns that global oil supplies could remain under pressure in the coming weeks.

On the Multi Commodity Exchange (MCX), August crude oil futures jumped 4.14% to ₹7,918, compared with the previous close of ₹7,603.

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