Crude oil surges above $78 as Hormuz tensions flare

Crude oil futures surged above $78 per barrel on Friday, extending the previous session?s gains as renewed tensions around the Strait of Hormuz revived concerns over potential supply disruptions. Hopes of an imminent reopening faded after earlier expectations of a deal failed to materialize, with hostilities instead escalating. Meanwhile, markets remained focused on the July US jobs report for clues on labour-market strength and the Federal Reserve?s policy outlook. MCX August crude oil futures rose 0.5% to Rs 7,413 per barrel.

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