Crude Oil Futures Surge Nearly 6% On MCX, US-Iran Conflict Pushes Prices To ₹7,198 Per Barrel Amid Supply Fears
· Free Press Journal
New Delhi: Crude oil futures surged nearly 6 per cent on Monday after fresh military action between the United States and Iran increased fears of disruptions to global oil supplies.
The latest conflict has raised concerns over the Strait of Hormuz, one of the world's most important oil shipping routes. Around one-fifth of global crude oil passes through the narrow waterway, making any disruption a major risk for energy markets.
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MCX Contracts Record Sharp Gains
On the Multi Commodity Exchange (MCX), crude oil futures for July delivery jumped Rs 384, or nearly 6 per cent, to Rs 7,198 per barrel. Trading activity remained strong, with a business turnover of 19,274 lots.
The August crude oil contract also moved higher. It gained Rs 359, or 5.25 per cent, to Rs 7,197 per barrel, with a turnover of 4,139 lots.
Crude Oil Futures Fall Nearly 2%, MCX June Contract Drops ₹140 To ₹8,204 After Trump Pauses Iran Strike PlansFresh Military Strikes Raise Supply Concerns
Market participants said the sharp rise in prices followed renewed military exchanges between Washington and Tehran over the weekend.
The latest escalation came after Iran struck a commercial vessel in the Strait of Hormuz and later announced the closure of the strategic waterway. The United States responded with fresh strikes on multiple Iranian targets while stating that the shipping route remained open for international navigation.
The developments have increased worries that crude oil supplies could be affected if the conflict continues.
Oil Prices Spike Over 4% To $79 Per Barrel Amid Renewed US-Iran StrikesGlobal Oil Prices Also Rally
According to Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, MCX crude oil futures gained about 5 per cent as traders reacted to rising geopolitical tensions and fears of supply disruptions.
In the international market, Brent crude futures for September delivery rose USD 3.59, or 4.72 per cent, to USD 79.60 a barrel on ICE.
West Texas Intermediate (WTI) crude for August delivery climbed USD 3.47, or nearly 5 per cent, to USD 74.88 a barrel on NYMEX.
Oil Prices Climb 0.9% After US–Iran Tensions Escalate Again Over Strait Of HormuzYadav said reduced tanker movement through the Strait of Hormuz and fading hopes of fresh diplomatic talks between the US and Iran continued to support oil prices.
The International Energy Agency has also warned that prolonged geopolitical tensions could delay the rebuilding of global oil inventories, keeping supply concerns alive in the market.