Oil slips as traders lock in profits post 12% rally

Crude oil prices slipped towards $90 per barrel as investors booked profits following a sharp weekly rally of over 12%, even as geopolitical tensions in the Middle East remained elevated. The decline came after the United States carried out its 13th consecutive day of strikes against Iran, while President Donald Trump warned of major military punishment against Iran and the Houthis over any further attacks on Red Sea shipping and hinted at a possible massive attack on Iran. The escalating conflict continues to fuel concerns over potential global oil supply disruptions. Meanwhile, the dollar index hovered near a three-week high around 101, pressured by fresh US tariff measures on major trading partners. Reflecting the weakness in global prices, MCX August crude oil futures fell more than 3% to Rs 8,734 per barrel.

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