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Oil Futures Rise as Renewed US-Iran Hostilities Spur Supply Fears
Oil prices went up again on Wednesday.
Prices in India have now risen for six sessions in a row.
A September oil contract on the Multi Commodity Exchange reached Rs 8,592 per barrel.
An October contract reached Rs 8,391 per barrel.
Brent oil, a major international price benchmark, rose to $97.01 per barrel.
Its price increased by 2.5%.
The rise came after renewed hostilities between the United States and Iran.
Traders were worried that these tensions could interrupt energy supplies around the world.
Indian crude oil futures rose for a sixth consecutive session on Wednesday.
September crude futures on the Multi Commodity Exchange increased Rs 56, or 0.66%, to Rs 8,592 per barrel.
October crude futures also gained Rs 56, or 0.67%, reaching Rs 8,391 per barrel.
Brent futures for November delivery rose $2.36, or 2.5%, to $97.01 per barrel.
The gains followed renewed US-Iran hostilities and concerns about possible global energy supply disruptions.
- Who
- Oil traders and markets, with the article citing renewed hostilities between the United States and Iran.
- What
- Crude oil futures rose in India and international markets.
- Where
- The Multi Commodity Exchange in India and global markets on the Intercontinental Exchange.
- When
- Wednesday; Indian prices had risen for six consecutive sessions, while Brent futures gained for a third straight session.
- Why
- Renewed US-Iran hostilities raised fears of disruptions to global energy supplies.
Key facts
- Indian September contract
- Rs 8,592 per barrel, up Rs 56 or 0.66%
- Indian October contract
- Rs 8,391 per barrel, up Rs 56 or 0.67%
- Brent November contract
- $97.01 per barrel, up $2.36 or 2.5%
- Indian market trend
- Crude futures rose for the sixth consecutive session
- Brent market trend
- Brent futures rose for the third straight session
- Cited risk
- Potential global energy supply disruptions linked to renewed US-Iran hostilities
Sources
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