Oil price today: MCX crude price hits Jan 2025 high post escalation in Israel-Iran war, fear of Hormuz Straight closure
MCX crude oil futures for July contract opened higher at ₹ 6,475 per barrel as against its previous close of ₹ 6,404 level. MCX crude oil prices rallied 2.28% to a high of ₹ 6,550, and were last trading 1.80% higher at ₹ 6,519 per barrel.
In the global market, prices for Brent Crude Oil surged on Monday to their highest level since January as the U.S. decided to support Israel in military actions against Iran's nuclear facilities, raising concerns about supply.
Brent crude futures increased by $1.88, or 2.44%, reaching $78.89 a barrel at 1122 GMT. Meanwhile, U.S. West Texas Intermediate crude rose by $1.87, or 2.53%, to $75.71, according to a report from Reuters. Since the conflict started on June 13, Brent has climbed 13%, while WTI has seen an increase of approximately 10%.
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