US-Iran Hostilities Send Crude Oil Futures Soaring to Sixth Straight Gain
Crude oil futures rose for a sixth consecutive session on Wednesday, September 2, amid renewed US-Iran hostilities that raised concerns over global energy supplies.
The Multi Commodity Exchange saw crude oil futures for September delivery increase by Rs 56 (0.66%) to Rs 8,592 per barrel, while the October contract rose by Rs 56 (0.67%) to Rs 8,391 per barrel.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that the flare-up in hostilities accelerated crude oil's rally, with Brent oil futures for November delivery rising by USD 2.36 (2.5%) to USD 97.01 per barrel on the Intercontinental Exchange.
Chainwala added that the conflict could draw in other Gulf states and threaten tanker traffic and regional oil production, leaving crude vulnerable to a sharp reversal following any credible ceasefire.