US Airstrikes Fuel Crude Price Surge Amid West Asia Supply Concerns

Crude oil prices rebounded from early losses to trade higher amid concerns over supply disruptions in West Asia following fresh US airstrikes on Iran. The Brent crude futures for September delivery rose nearly 2% to $92.33 per barrel on the Intercontinental Exchange, while 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 MCX saw gains in both futures contracts, with the August delivery climbing by Rs 110, or 1.36%, to Rs 8,224 per barrel, and the September contract advancing Rs 75, or 1%, to Rs 7,973 per barrel.

The market reaction was driven by the US airstrikes on Iran, which revived concerns over supply disruptions in the region. The impact of these events on global oil markets remains a key focus for investors and traders.