Crude oil rebounds on bargain buying amid US-Iran peace hopes

Crude oil futures edged higher above $102 per barrel on Tuesday as bargain buying and renewed diplomatic efforts to ease the US-Israeli war on Iran offered some hope of reduced supply disruptions. However, continued attacks on Saudi Arabia and lingering concerns over the security of shipments through the Strait of Hormuz kept Brent crude near six-month highs, following last week?s surge above $117 per barrel and $103 in Brent and WTI oil futures respectively. Markets are also watching the Federal Reserve?s policy decision, US GDP growth and PCE inflation data for fresh signals on the economic and demand outlook. On MCX, November crude oil futures traded marginally higher at ₹9,724 per barrel.

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