Crude oil rebounds as Middle East tensions keep markets on edge

Crude oil prices climbed back above $70 per barrel on Monday, recovering from four-month lows as renewed US-Iran hostilities heightened concerns over potential supply disruptions through the Strait of Hormuz, a key route for nearly one-fifth of global oil and LNG trade. While improving tanker traffic had recently eased fears over energy supplies, the latest military exchanges brought geopolitical risks back into focus. Investors are also preparing for a data-heavy week, with the US June jobs report, inflation indicators, and business activity surveys expected to provide fresh clues on the Federal Reserve's policy path and the outlook for global energy demand. On the domestic front, MCX July crude oil futures traded over 0.5% higher at Rs 6,606 per barrel.

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