Brent crude oil prices approached $110 per barrel this week amid escalating tensions in West Asia and stalled US-Iran negotiations, according to livemint.com. On the Multi Commodity Exchange, November crude futures rose 6.4% to ₹9,394 per barrel, while Brent crude for December delivery gained nearly 5%, settling at $109.86 per barrel.
The sharp rise in crude prices reflects concerns over potential supply disruptions, including uncertainty about the reopening of the Strait of Hormuz and threats to energy infrastructure. Analysts cited by PTI noted that while measures to ease supply shortages could provide temporary relief, geopolitical developments and actual supply disruptions are driving prices more than headlines. Declines in US crude inventories have also contributed to upward pressure on prices.
The volatile oil market comes amid ongoing conflicts in Iran and the broader West Asia region, which have heightened risks for global energy supplies. Monthly reports from OPEC and the International Energy Agency are expected to influence market sentiment further. Ajit Mishra, senior vice-president of research at Religare Broking, described the outlook as cautiously bullish, emphasizing that prices will respond to real supply changes and geopolitical events.
Crude oil futures on the MCX for November delivery closed at ₹9,394 per barrel this week, marking a 6.4% increase over the prior week, while Brent crude futures for December delivery settled at $109.86 per barrel, nearing the $110 mark for the first time in recent trading sessions.