Oil rallies on Hormuz risks; OPEC+ holds output

Crude oil futures surged above $93 per barrel on Monday as escalating US-Iran strikes intensified concerns over prolonged disruptions to energy flows from the Middle East. The latest attacks on commercial tankers, including vessels near Iran?s key export hub and the Strait of Hormuz, heightened fears of broader shipping disruptions. Thin holiday trading further amplified the move, while the conflict?s growing impact on commercial shipping kept markets alert to potential disruptions in one of the world?s most critical oil transit routes. Meanwhile, OPEC+ left October production unchanged at its latest meeting, maintaining a cautious stance as the market assesses the evolving geopolitical and supply outlook. MCX crude oil futures for September delivery gained 1.25% to ₹8,685 per barrel.

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