Oil climbs as fading US-Iran peace hopes raise supply risks
· World · Economic Times, Reuters, News24
Brent crude futures climbed to $91.14, up 27 cents, and West Texas Intermediate rose to $85.04, after earlier gains during the session. The jump follows Iranian officials announcing a shift to a fully offensive military posture amid stalled U.S. talks to extend a ceasefire. Shipping through the Strait of Hormuz has fallen sharply after attacks on oil tankers. The reduced tanker traffic heightens fears that the conflict could disrupt global oil supplies.
Why it matters
India imports a large share of its petroleum, so higher crude prices can raise fuel costs for consumers and businesses in India.
Read the original report — Economic Times
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