Commodities
US-Iran Conflict Pushes Crude Oil Prices to Four-Month High
The price of crude oil has surged to a four-month high of USD 108.77 per barrel due to renewed tensions between the US and Iran.
The Brent crude oil prices have jumped over 12% in the past week, reaching levels last seen in May when the two nations paused their military actions.
However, the prices eased slightly, with Brent crude declining 1.44% to USD 106.08 per barrel in New York, according to news agency PTI.
The ongoing US-Iran conflict is disrupting oil flows from the Middle East, leading to a sharp increase in global oil prices. This has put pressure on India's import bill and inflation outlook, with Brent crude remaining elevated near USD 109 per barrel.