Hot Commodities: WTI Crude hits eight month high, up around 14% this week

WTI Crude oil futures soared near eight-month high as the flare up in geopolitical worries weighed on the sentiments. The counter currently trades up 1.80% at $75.90 per barrel. The US Crude oil futures zoomed near $78 per barrel in last session and is up around 13% this week. Market is eying the unease in Middle-ease as the US and Israel launched joint attacks on Iran. The country pumps about 3.3 million bpd, or about 3% of global output, but has strategic importance due to its location along the Strait of Hormuz. However, OPEC+ raised its crude production levels which will kick in from April and could cap the oil prices after latest spike.

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