Crude oil reclaims $99 as Middle East supply risks intensify

Crude oil prices climbed more than 1% to above $99 per barrel on Wednesday as escalating Middle East tensions heightened concerns over potential supply disruptions, particularly amid growing threats to Red Sea shipping and Saudi oil infrastructure. The rebound followed a pullback in the previous session, while mounting geopolitical risks have lifted oil prices by more than 8% this month. Meanwhile, expectations of unchanged interest rates from the US Federal Reserve and Bank of Japan next week, followed by potential hikes in December, kept monetary policy in focus. On the domestic front, MCX November crude oil futures rose 0.5% to ₹9,357 per barrel.

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