Crude Oil Futures Soar to Rs 6,932/Barrel as Fresh US-Iran Strikes Renew Supply Concerns

New Delhi, July 8: Crude oil futures rose to a two-week high of Rs 6,932 per barrel in the domestic markets, rising by Rs 227 on Wednesday amid renewed hostilities between the US and Iran, which triggered a rally in global benchmarks.

On the Multi Commodity Exchange (MCX), crude oil for July delivery increased by Rs 227, or 3.39 per cent, to Rs 6,932 per barrel in a business turnover of 19,697 lots. The contract was last seen around these levels on June 23, when it settled at Rs 6,964 per barrel. Similarly, the August contract also advanced by Rs 206, or 3.06 per cent, to Rs 6,930 per barrel in 2,872 lots on the MCX.

Traders said fresh geopolitical tensions in West Asia, coupled with concerns over potential supply disruptions from the Strait of Hormuz, fuelled buying in crude oil prices. “The latest escalation comes just weeks after the United States and Iran signed an interim memorandum of understanding (MoU) to halt the conflict.

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“However, the fragile truce has come under strain, with tensions over the control of the Strait of Hormuz flaring up again on Wednesday,” they added.

Globally, Brent oil futures for the September contract gained USD 2.56, or 3.45 per cent, to USD 76.72 per barrel on ICE. In addition, West Texas Intermediate (WTI) for August delivery rose by USD 2.30, or 3.27 per cent, to USD 72.74 per barrel, its highest level in two weeks on the NYMEX.

It had last quoted near these levels on June 23, 2026, when it was traded at USD 73.21 per barrel.

“US WTI crude oil surpassed the USD 72 mark on Wednesday and rose by more than 5 per cent this week after the US military conducted additional air strikes in Iran,” said Aamir Makda, Commodity & Currency Analyst, Technical Research, Choice Broking.

The US also rescinded a temporary waiver that had allowed Tehran to sell and deliver crude in global markets, a move that could tighten global supplies. Makda noted the measures followed a spate of recent attacks on vessels passing through the Strait of Hormuz. Meanwhile, Iran retaliated by targeting several US military facilities in Bahrain and Kuwait.

Market participants said crude oil prices are likely to remain volatile as investors closely monitor geopolitical developments in West Asia, particularly around the Strait of Hormuz, through which nearly a fifth of the world’s oil supply passes.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)