US-Iran Conflict Fuels Oil Rally; Crude Hits Rs 6,932 per Barrel
New Delhi: Crude oil futures surged to a two-week high in domestic markets on Wednesday as renewed hostilities between the United States and Iran reignited concerns over global oil supplies, lifting benchmark crude prices.
On the Multi Commodity Exchange (MCX), crude oil contracts for July delivery climbed Rs 227, or 3.39 per cent, to Rs 6,932 per barrel. The rally came amid strong trading activity, with a business turnover of 19,697 lots.
The contract was last seen at similar levels on June 23, when it had settled at Rs 6,964 per barrel. The sharp rise in crude oil prices followed fresh geopolitical tensions between the US and Iran, raising fears of potential disruptions to oil supplies from the Middle East.
