Oil eyes 8% weekly surge amid intensifying Middle East tensions

Crude oil futures remained broadly range-bound near $91/bbl, but stayed on course for an 8% weekly advance as renewed US-Iran hostilities heightened concerns over regional supply security and the continuity of shipping through the Strait of Hormuz. The latest escalation has intensified geopolitical risk, with Tehran tightening restrictions on vessels attempting to navigate the strategic waterway, while Washington has ruled out negotiations until attacks on commercial shipping cease. Meanwhile, Israel?s renewed threats against Iranian military, civilian and energy infrastructure have further elevated the risk premium embedded in crude prices. With tensions showing little sign of abating, concerns over potential disruptions to oil flows continue to underpin the market. MCX September crude oil futures, however, traded 1% lower at ₹8,561/bbl.

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