WTI crude rallies past $78 as US steps into Israel-Iran conflict

WTI crude oil futures rose above $78 per barrel on Monday, reaching their highest level since January, after the US carried out strikes on three Iranian nuclear facilities over the weekend. This direct military move by Washington has deepened concerns that Iran might retaliate by disrupting oil shipments through the Strait of Hormuz, a vital passage for about 20 percent of the world?s crude supply. Iran is a key oil producer and its control over this narrow waterway makes the situation more sensitive. Reflecting these escalating tensions, MCX July oil futures jumped by Rs 61 to trade at Rs 6465 per barrel, after hitting a session high of Rs 6550. Traders remain cautious as the risk of supply disruptions keeps market sentiment bullish.

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