Now Reading: Brent crude jumps nearly 2% to $92.33 on US airstrikes on Iran
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Brent crude jumps nearly 2% to $92.33 on US airstrikes on Iran
Crude oil prices reversed early losses to trade higher on Monday, with Brent futures rising nearly 2% to $92.33 per barrel on the Intercontinental Exchange. On the Multi Commodity Exchange (MCX), crude…
Crude oil prices reversed early losses to trade higher on Monday, with Brent futures rising nearly 2% to $92.33 per barrel on the Intercontinental Exchange. On the Multi Commodity Exchange (MCX), crude oil for August delivery climbed Rs 110, or 1.36%, to Rs 8,224 per barrel, while the September contract gained Rs 75, or 1%, to Rs 7,973 per barrel.
The surge came after fresh US airstrikes on Iran revived concerns over supply disruptions in West Asia. In the US, Comex West Texas Intermediate (WTI) crude for September delivery advanced nearly 1% to $85.03 per barrel on the New York Mercantile Exchange.
Indian Opinion Analysis
The spike comes after months of relative calm in oil markets, with Brent hovering around $85-88 since mid-2025. Any sustained conflict involving Iran threatens the Strait of Hormuz, through which about 20% of global oil passes. India, which imports over 85% of its crude needs, is directly exposed: a $5 per barrel rise adds roughly Rs 11,000 crore to the annual import bill. The next trigger to watch is whether Iran retaliates militarily, which could push Brent above $100, or whether diplomatic channels reopen.
Source: thehansindia.com
This story was synthesised by AI from the source linked above.
