Oil Prices Spike as US Airstrikes on Iran Revive Supply Disruption Fears

Oil prices have surged in response to fresh US airstrikes on Iran, sparking concerns over supply disruptions in West Asia. Brent oil futures for September delivery rose nearly 2% to trade at $92.33 per barrel on the Intercontinental Exchange. This increase comes as the August contract climbed by Rs 110, or 1.36%, to Rs 8,224 per barrel on the MCX.

The Comex West Texas Intermediate (WTI) crude for September contract advanced by nearly 1% to $85.03 per barrel on the New York Mercantile Exchange. The rise in oil prices is a result of the fresh US airstrikes on Iran, which have revived concerns over supply disruptions in the region.

The Indian rupee-denominated contracts also saw gains, with the September contract advancing Rs 75, or 1%, to Rs 7,973 per barrel on the MCX. The increases in oil prices are a reflection of the volatile geopolitical situation in West Asia.