Crude oil surges towards $86 amid US-Iran escalation

Crude oil prices surged towards $86 per barrel in Thursday?s electronic trading, extending gains for a fourth consecutive session as fresh US-Iran tensions raised concerns over the security of shipping through the Strait of Hormuz. Brent futures rose 1.56% to $93.09 per barrel, while WTI gained 1.52% to $85.72, with both benchmarks settling at their highest levels since July 24. Fears of disruptions remain elevated as the Strait handles around 20% of global crude supplies. Meanwhile, US crude inventories increased by 4.4 million barrels, limiting some of the upside. MCX September crude futures rose 0.8% to ₹8,217.

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