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Global Crude oil prices remained above the $100-per-barrel mark on Friday as escalating geopolitical tensions in the Gulf heightened fears of disruptions to global energy supplies.
The sharp rise in prices followed fresh attacks on Saudi oil tankers in the Red Sea, adding to existing concerns over the security of key international oil transit routes.
The international benchmark Brent Crude gained 44 cents, or 0.43 per cent, to remain above $100 per barrel, while US West Texas Intermediate (WTI) Crude rose 64 cents, or 0.69 per cent, to trade at $92.83 per barrel.
In India, Crude oil futures for August delivery on the Multi Commodity Exchange (MCX) were quoted at ₹8,865 per barrel during morning trade, down ₹159, or 1.76 per cent.
Market analysts attributed the latest rally to attacks by Iran-backed Houthi forces on Saudi tankers operating in the Red Sea.
The incident has intensified concerns over oil supplies as it comes alongside continued disruptions in the Strait of Hormuz, one of the world’s busiest and most strategically important shipping routes for Crude oil exports.
Experts said the renewed escalation has significantly increased the geopolitical risk premium in oil markets.
With hopes of a ceasefire fading, investors are once again pricing in the possibility of prolonged supply disruptions and sustained inflationary pressures across global economies.
Regional tensions intensified after the US launched fresh strikes on Iran and Tehran reportedly targeted neighbouring countries hosting American bases.
The escalation raised fears of wider conflict and energy supply disruptions.
Global markets fell sharply, with major Asian indices and Wall Street declining amid concerns that high oil prices could keep inflation elevated.
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