Crude hits one-month high near $81 as Strait of Hormuz tensions escalate

Crude oil prices climbed to around $81 per barrel in electronic trading on Tuesday, hitting their highest level in a month as renewed hostilities between the United States and Iran entered a third consecutive day. Fears of supply disruptions through the Strait of Hormuz lifted sentiment, with Brent and WTI crude futures gaining nearly 4%, extending Monday's rally of almost 10%. The surge followed fresh US military strikes on Iran, with Washington stating the operations targeted Tehran's ability to threaten commercial shipping in the Strait of Hormuz. Although oil shipments have continued under military protection, persistent geopolitical tensions have kept markets on edge. Tracking the global rally, MCX July crude oil futures jumped more than 5% to ₹7,744 per barrel, supported by strong international crude prices and heightened supply concerns.

Powered by Commodity Insights