Oil surges past $79, extending 12% weekly rally

Crude oil prices climbed above $79 per barrel on Friday, extending a sharp weekly rally as escalating US-Iran military tensions raised fears of supply disruptions in the Gulf. Both Brent and WTI benchmarks are on track to gain nearly 12% this week, driven by concerns that any disruption to the Strait of Hormuz?which carries around 20% of global crude supplies?could tighten the market. Sentiment was further supported after President Donald Trump warned of possible strikes on Iran?s infrastructure if diplomatic efforts fail. Meanwhile, MCX July crude oil futures advanced 0.5% to Rs 7,650 per barrel, with investors closely watching geopolitical developments for further direction.

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