Oil Prices Rise as US and Iran Trade Fresh Strikes
· World · Economic Times, Reuters, Times of India
Oil prices rose in early trade, extending the previous session's surge as concerns over supply disruption intensified after the U.S. and Iran exchanged strikes overnight. Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel, while U.S. West Texas Intermediate crude futures climbed 80 cents, or 0.89%, to $91.02. Both contracts soared more than $4 in the previous session, marking Brent's largest gain since July 24 and WTI's largest since July 23. The United States stated it launched a series of airstrikes against targets in Iran following recent attempted attacks by the Islamic Revolutionary Guard Corps against commercial shipping in the Strait of Hormuz and American service members. The IRGC stated the U.S. attacks would further restrict traffic through the Strait of Hormuz, a critical waterway carrying about one-fifth of global oil.
Why it matters
Rising crude prices directly impact India's import bill, potentially stoking domestic fuel inflation and trade deficits.
Read the original report — Economic Times
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