Oil Prices Rise As Middle East Conflict Increases Supply Risks
· Business · Economic Times, Reuters, straitstimes
Oil prices extended gains on Tuesday as tensions between the U.S. and Iran escalated, raising concerns over global supply disruptions. Brent crude futures rose 0.35% to $97.34 a barrel, while U.S. West Texas Intermediate crude increased 1.26% to $92.63 a barrel. The market is reacting to threats against energy infrastructure in the Persian Gulf and recent military exchanges near Kharg Island. Analysts at ANZ suggest that Persian Gulf supply could remain constrained through 2026 due to the prolonged standoff. Goldman Sachs has responded by revising its oil price forecasts upward for the remainder of the year.
Why it matters
Rising crude prices directly impact India's import bill and inflation, potentially putting pressure on domestic fuel costs and the rupee.
Read the original report — Economic Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.