WTI surges above $92 as US-Iran strikes intensify supply fears

Crude oil prices extended their gains for a third consecutive session on Wednesday, with WTI futures surging above $92 per barrel in Asian electronic trading as escalating US-Iran hostilities heightened concerns over potential disruptions to Middle Eastern energy supplies. The latest exchange of strikes, including US airstrikes on targets in Iran and Iran?s subsequent response, marked a significant escalation and reduced hopes for a quick de-escalation of tensions. Investors are also turning their attention to the ADP employment report and Friday?s nonfarm payrolls for fresh signals on the Federal Reserve?s policy outlook. Meanwhile, MCX September crude traded largely flat at ₹8,539 per barrel after touching an intraday high of ₹8,635.

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