Crude oil futures rose for the fourth consecutive session on Wednesday, with prices gaining ₹57 to ₹8,145 per barrel on the Multi Commodity Exchange (MCX). The rise was driven by firm global trends and renewed concerns over energy supplies from West Asia amid heightened risks around the Strait of Hormuz.
MCX crude oil futures for September delivery increased nearly 1 per cent to ₹8,145 per barrel, with 11,535 lots traded. Analysts said uncertainty surrounding Middle East supplies and shipping through the Strait of Hormuz continued to support oil prices. Internationally, Brent crude futures for October delivery rose nearly 1 per cent to $91.65 per barrel, while West Texas Intermediate crude gained 1 per cent to $85.65 per barrel.
Brent crude has remained above $91 a barrel for the third consecutive day following the expiry of the 60-day ceasefire period between the United States and Iran without a fresh agreement. Market experts said continued geopolitical uncertainty and potential disruptions to oil shipments through the strategic waterway could keep crude prices under pressure in the near term.
