West Asia Tensions Send Crude Oil Prices Soaring
Crude oil futures rose on Friday due to escalating tensions in West Asia. Prices climbed 0.37% to Rs 7,404 per barrel on the Multi Commodity Exchange as the Iran-Israel conflict intensified.
The crisis took a turn for the worse when Iran fired missiles at Tel Aviv in retaliation for Israel's aggression in Lebanon, causing crude oil prices to spike.
Globally, West Texas Intermediate crude traded 0.49% higher at USD 77.67 per barrel, while Brent crude rose 0.81% to USD 83.16 per barrel in New York.