Oil climbs as trader?s eye possible US military action in Middle East

WTI crude oil futures surged 1% in Asia trades on Thursday, approaching $75 amid heightened concerns that the US may join Israel in its military operations against Iran. President Donald Trump held a meeting with his advisors this week to discuss the situation, but the administration has yet to confirm any direct involvement. The potential threat to the Strait of Hormuz, a critical passage for about a fifth of global crude shipments, added to supply fears. Separately, the Federal Reserve kept rates steady but hinted at two cuts this year, supporting the outlook for economic growth and oil demand. On MCX, July oil futures gained 1.6% to ₹6435 per barrel.

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