Crude Oil Hits Multi-Month Highs as US Signals Extended Iran Conflict
· World · LiveMint, Zee News, Times of India
Crude oil prices advanced for the third consecutive session, pushing Brent crude above $90 per barrel amid diminishing prospects for a resolution to the Middle East conflict. Brent crude futures rose 27 cents to $91.14 a barrel, while US West Texas Intermediate crude gained 42 cents to $85.04 a barrel. The upward pressure follows the expiration of a 60-day US-Iran settlement window without a final deal, alongside warnings of forthcoming US sanctions on Iran. Washington officials indicated no immediate rush to conclude the conflict, now nearing its sixth month, with Energy Secretary Chris Wright confirming a long-term approach. Meanwhile, Persian Gulf producers are increasingly utilizing alternative export routes around the Strait of Hormuz, with Saudi Arabia offering cargoes sourced from outside the chokepoint.
Why it matters
Sustained high crude prices directly threaten India's import-dependent energy economy by inflating fuel import bills, widening the current account deficit, and stoking domestic inflationary pressures.
Read the original report — LiveMint
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