Crude oil prices increased on Monday as escalating military tensions between the US and Iran raised concerns over supply disruptions from the Middle East. The international benchmark Brent crude rose 0.36% to trade at $72.25 per barrel, while US benchmark West Texas Intermediate (WTI) crude futures gained 0.71% to $69.72 per barrel, according to livemint.com.
The price movements followed renewed military strikes involving the US and Iran, which revived fears of interruptions to crude supplies. Brent crude had slipped below $70 per barrel on Friday for the first time since February 27, just before the Iran conflict began. The recent uptick reflects market sensitivity to geopolitical risks in the region, as detailed by Vaamanaa Sethi at livemint.com.
The rise in crude prices amid the US-Iran conflict underscores the vulnerability of global oil markets to geopolitical tensions in the Middle East. Brent crude trading above $70 per barrel marks a significant threshold, influencing energy costs worldwide. The price levels also impact India, a major crude importer, potentially affecting domestic fuel prices and inflation. The situation draws parallels to previous periods of conflict-driven supply concerns that have historically led to price volatility.
As of June 29, Brent crude was trading at $72.25 per barrel, while WTI crude stood at $69.72 per barrel, reflecting ongoing market reactions to the US-Iran war. The developments continue to be closely monitored by global energy markets and policymakers, with the next key data points expected from weekly inventory reports and geopolitical updates.