Oil breaks above $85 as US-Iran deadlock tightens supply concerns

Crude oil climbed above $85 a barrel in Asian trading on Wednesday as the lack of progress between the US and Iran kept supply risks elevated. The Strait of Hormuz continues to see limited traffic despite US claims that the waterway is open, sustaining concerns over global energy flows. A weaker dollar, with the index below 99.4, also supported dollar-denominated commodities. Meanwhile, US industry data showed crude inventories fell by 328,000 barrels last week. MCX September crude futures rose 0.5% to ₹8,129 per barrel.

Powered by Commodity Insights