Crude oil soars above $75 as Middle East conflict reignites

Crude oil prices surged more than 4% on Monday, climbing above $75 per barrel in electronic trading and snapping a two-day losing streak as renewed US-Iran missile exchanges reignited concerns over potential supply disruptions through the Strait of Hormuz. The latest escalation reversed part of the losses seen after the interim US-Iran peace agreement, as fading hopes for renewed diplomacy prompted markets to rebuild a geopolitical risk premium into oil prices. Higher concerns over tighter Middle Eastern crude supplies also lifted domestic prices, with MCX July crude oil futures rising nearly 5% to Rs 7,122 per barrel as investors continued to monitor developments in the region.  

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