Crude Oil Prices Spike Amid Geopolitical Tensions

Crude oil prices saw a rebound, climbing by Rs 204 to Rs 8,549 per barrel due to the unstable geopolitical scenario in West Asia. The market remains volatile amidst rumors of supply disruption involving Iran and the Strait of Hormuz, with potential Gulf conflicts adding to the tension.

Crude oil prices surged in futures trading on Tuesday, showing an increase of Rs 204 to reach Rs 8,549 per barrel. This rise comes amid ongoing geopolitical uncertainties in West Asia.

On the Multi Commodity Exchange, oil for April delivery grew by 2.44%, whereas the previous session saw a reduction by nearly 13% to an intraday low of Rs 8,072 per barrel. The market closed down by Rs 913, or 9.86%, at Rs 8,345 per barrel the previous day.

Analysts cite volatility related to developments around Iran and the Strait of Hormuz. Notably, remarks from Iranian Deputy Speaker Ali Nikzad about persistent Strait tensions redirected investor focus to supply risks, leading to higher prices.

(With inputs from agencies.)