Blitz Bureau
NEW DELHI: Global crude oil prices surged more than 3 per cent, climbing above the $90-a-barrel mark on July 20 as escalating military tensions between the United States and Iran fuelled fears of supply disruptions through the Strait of Hormuz.
International benchmark Brent crude rose nearly 3 per cent or $2.63 to trade above $90 a barrel after gaining more than 3 per cent in the previous session.
Similarly, US West Texas Intermediate (WTI) crude advanced 3.51 per cent or around $3 to $85.39 a barrel. According to market experts, crude oil prices are likely to remain supported in the near term as escalating tensions in the Middle East and concerns over shipping disruptions through the Strait of Hormuz continue to underpin sentiment.
“MCX crude has broken above the Rs 8,000 level, reflecting strong bullish momentum. The near-term bias for both domestic and global crude remains cautiously bullish, although elevated prices may trigger phases of consolidation,” the experts said.
Maritime security concerns also intensified after Iran’s navy said it stopped four unidentified vessels attempting to pass through what it described as an unsafe route in the Strait of Hormuz.
