Crude stays buoyant on fresh Israel-Iran strikes

WTI crude oil futures traded with a steady undertone in Asia today, rising to $77 earlier in session, their loftiest level since January. Friday?s session saw an impressive 7% close higher and an intraday spike of over 13% as escalating hostilities between Israel and Iran rattled supply outlooks. Israel?s weekend assault on Iran?s massive South Pars gas field forced production to halt, deepening concerns of tighter Middle East output following last week?s targeted attacks on nuclear and military assets. On the global trade front, uncertainty lingers with President Trump vowing to unveil new tariff rates soon, while the US-China trade framework remains ambiguous. Interestingly, defying the bullish global cues, MCX crude oil futures for June delivery edged lower by ₹49 to ₹6236 per barrel, hinting at cautious domestic sentiment amid global market turbulence.

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