US Sanctions on Iran Send Crude Oil Prices Soaring
Crude oil prices surged on Thursday following fresh US sanctions aimed at isolating Iran economically. The US 'economic warfare' against Tehran sparked concerns over possible disruptions to global oil supplies, sending crude futures higher by over 1%.
The Multi Commodity Exchange (MCX) saw crude oil for September delivery rise Rs 96, or 1.18%, to Rs 8,247 per barrel, while the October contract advanced Rs 91, or 1.14%, to Rs 8,097 per barrel.
Kotak Neo, a brokerage firm, said investors are pricing in the risk of tighter Iranian crude flows and potential supply disruptions through the Strait of Hormuz.
US President Donald Trump announced a fresh campaign to isolate Iran economically, warning countries that they could face severe economic consequences if they support Tehran.