Oil Prices Rebound by 5% on US-Iran Tensions

Oil prices jumped by 5% after the US intercepted an Iranian 'surprise attack' on its forces, leading to a rebound from their biggest three-day decline since April 2020. The Brent crude price rose to around $88 a barrel.

The U.S. West Texas Intermediate (WTI) crude advanced $.67, or .47%, to $83.

Anindya Banerjee, Head of Commodity Research at Kotak Securities, said geopolitical developments are driving crude oil prices. He warned that any strike on major Gulf export infrastructure could force a retest of $95-100 and beyond.