Oil rallies toward $77 as Iran crisis disrupts supply

WTI crude oil futures climbed toward $77 per barrel on Wednesday, extending gains for a fourth straight session as the escalating Iran conflict disrupted supply across the Middle East. Oil prices settled nearly 5% higher, while Brent crude has surged 12% since hostilities began over the weekend. The Brent?WTI premium widened to nearly $8 a barrel, the largest since November 2022, reflecting growing concern over global supply risks. Iraq slashed output by around 1.5 million barrels per day due to blocked exports, with the risk of deeper cuts if shipments remain halted. In India, MCX March crude oil futures rose over 1% to Rs 7,070 per barrel as geopolitical risk continued to drive prices higher.

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