Oil extends 2% rally as US - Iran tensions cloud Hormuz outlook

Crude oil climbed above $93 per barrel in Asia electronic trades on Thursday, extending a more than 2% rally as uncertainty over US-Iran negotiations heightened. Iran has linked the reopening of the Strait of Hormuz to demands including an end to the US naval blockade, sanctions relief and the unfreezing of Iranian assets, while Washington has yet to signal acceptance. The supply concerns come despite US crude inventories rising by 3 million barrels to 426.4 million barrels last week, putting stocks 2% above the five-year average. API data had earlier shown a 1.786-million-barrel build. On MCX, October crude futures gained over 3% to ₹9,079 per barrel.

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