Oil surges above $94 as Middle East tensions shake markets

Crude oil prices jumped over 4%, pushing WTI above $94 per barrel after renewed Iran?Israel missile exchanges reignited fears of supply disruption. Concerns over the Strait of Hormuz and ongoing conflict added a strong risk premium to global energy markets. Despite this, OPEC+ approved a July output increase of 188,000 barrels per day, but it failed to calm prices amid geopolitical stress. Stronger US jobs data also supported the dollar and added to market volatility. In India, MCX crude rose about 5% to ₹9,028 per barrel, tracking global gains.

Powered by Commodity Insights