Crude oil rebounds toward $90; Rupee weakness lifts MCX

Crude oil rebounded toward $90 per barrel on Wednesday, with renewed Strait of Hormuz risks overshadowing signs of improving regional supply. Iran?s attacks on tankers kept supply concerns elevated, while a 2.1 million-barrel drop in US crude inventories added further support ahead of official data. Oil remains firmly higher after gaining more than 5% in September and nearly 30% in Q3. On MCX, October crude rose over 1% to ₹8,737 per barrel, with the rupee?s slide toward 97 per dollar magnifying domestic gains. The currency remained pressured by a stronger dollar, higher global yields and foreign equity outflows despite the RBI?s 25-basis-point rate hike to 5.50%.

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