Oil rallies 12% this week as Hormuz tensions escalate

Crude oil futures climbed above $80 per barrel in electronic trading on Wednesday, extending gains to more than 12% this week as fresh US airstrikes on Iran and the reinstatement of a naval blockade near the Strait of Hormuz intensified fears of supply disruptions. Iran's announcement to close the vital waterway and sharply lower tanker traffic further supported prices. Market sentiment was also shaken after US President Donald Trump proposed a 20% charge on cargo passing through the Strait of Hormuz, raising concerns over global trade, inflation, and India's economy. Reflecting the global rally, MCX July crude oil futures rose nearly 2% to around Rs 7,730 per barrel.

Powered by Commodity Insights