US-Iran Tensions Send Global Oil Prices Soaring Over 7%
Crude oil prices surged over 7% for the week, driven by escalating tensions between the US and Iran. The conflict has disrupted regional oil flows, adding a significant geopolitical risk premium to crude prices.
Brent crude futures traded above $93 per barrel on Friday, reaching a one-month high of $94.71. West Texas Intermediate (WTI) climbed more than 8% for the week, marking its second consecutive weekly gain.
The US threatened Iran with economic isolation, warning countries against providing financial or commercial support to Tehran. The move could further isolate Iran and disrupt its oil trade.
MCX Crude Oil futures surged to ₹8,300 per barrel, its fifth consecutive session of gains. Despite the sharp rally in crude prices, retail petrol and diesel prices across major Indian cities remained largely stable.