Oil Prices Dip Amid Ongoing US-Iran Tensions

Crude oil futures traded lower on Thursday morning despite ongoing tensions between the US and Iran in West Asia.

The October Brent oil futures fell by 0.99 per cent to $87.22, while September crude oil futures on WTI (West Texas Intermediate) dropped by 0.92 per cent to $83.68.

August crude oil futures traded at ₹8027 on Multi Commodity Exchange (MCX), down by 1.07 per cent from the previous close of ₹8114, and September futures were trading at ₹7821 against the previous close of ₹7898, down by 0.97 per cent.

The US Central Command stated that its forces had successfully completed a heavy wave of strikes against Iran on July 29 in response to attempted missile attacks on US forces two days prior.