Crude Oil Stays Above $90 Per Barrel as West Asia War Drags On
· Business · LiveMint, Times of India
Global crude oil prices remained above $90 a barrel on Tuesday amid choppy trade and lingering geopolitical tensions between the US and Iran. The October contract of Brent futures on the Intercontinental Exchange traded at $90.80 per barrel around 4:55 PM, down 0.06% after touching an intraday high of $91.74, its highest level since 30 June. Washington and Tehran remain divided over key issues including the Strait of Hormuz, with a bilateral memorandum of understanding expiring without an extension. Meanwhile, a commercial vessel in the strait suffered engine-room damage and a crew casualty after being struck by an unknown projectile. Prior to the conflict, the strait served as the transit route for 20% of global oil and gas trade.
Why it matters
Sustained high crude prices above $90 per barrel threaten to drive up domestic inflation and import costs for oil-dependent nations like India.
Read the original report — LiveMint
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