West Asia Conflict / Brent Crude Breaches $100 as US Iran Tensions Rise
·36 mins ago·2 min read
Key Points
Crude prices surged as US‑Iran clashes disrupted the Strait
of Hormuz, with Brent at $101.90 and WTI near $98, sparking fears of supply
shocks and global economic fallout.
New Delhi, Sep 10: Global oil markets were rattled on Thursday as crude prices surged, fueled by intensifying US Iran clashes that disrupted shipping through the Strait of Hormuz — one of the world’s most critical energy corridors.
Brent crude vaulted past the $100 a barrel threshold, amplifying fears of supply shocks and global economic repercussions.
The international benchmark Brent crude rose 0.68 per cent to $101.90 a barrel, while US West Texas Intermediate (WTI) gained 1.81 per cent to $97.79.
Also read: Iran War Will End after US Midterm Polls, Claims Donald Trump
Brent crude vaulted past the $100 a barrel threshold, amplifying fears of supply shocks and global economic repercussions.
The international benchmark Brent crude rose 0.68 per cent to $101.90 a barrel, while US West Texas Intermediate (WTI) gained 1.81 per cent to $97.79.
Also read: Iran War Will End after US Midterm Polls, Claims Donald Trump
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Iran announced it had attacked 10 ships near the strait after the US sank five Iranian oil tankers. The Revolutionary Guard Corps warned it would escalate its response to any further strikes.
The Strait of Hormuz, a critical global energy transit corridor, has seen oil flows drop to nearly a quarter of pre‑war levels following this week’s tanker attacks. Analysts say the disruption is providing strong support to crude prices.
On the domestic front, crude oil opened higher on the Multi Commodity Exchange (MCX), trading around ₹9,140 per barrel, up 0.45 per cent. Experts noted the commodity is testing resistance in the ₹9,150–9,200 zone. A sustained break above ₹9,200 could push prices towards ₹9,350–9,400, while immediate support lies at ₹9,000–8,950, followed by ₹8,800–8,750.
The Relative Strength Index (RSI) near 71 signals strong momentum, though analysts caution it also raises the risk of near‑term pullbacks. “Crude remains supported by the Strait of Hormuz disruption,” experts said, adding that the bias stays constructive as long as MCX crude holds above ₹9,000.
In global trade, WTI hovered above $96 after retreating from near $98. Analysts said a break above $98 could open the way to $100, while support is seen at $95–94 and then $92–91. WTI’s RSI at 69 indicates the broader uptrend remains intact despite short‑term volatility.
(IANS)
The Strait of Hormuz, a critical global energy transit corridor, has seen oil flows drop to nearly a quarter of pre‑war levels following this week’s tanker attacks. Analysts say the disruption is providing strong support to crude prices.
On the domestic front, crude oil opened higher on the Multi Commodity Exchange (MCX), trading around ₹9,140 per barrel, up 0.45 per cent. Experts noted the commodity is testing resistance in the ₹9,150–9,200 zone. A sustained break above ₹9,200 could push prices towards ₹9,350–9,400, while immediate support lies at ₹9,000–8,950, followed by ₹8,800–8,750.
The Relative Strength Index (RSI) near 71 signals strong momentum, though analysts caution it also raises the risk of near‑term pullbacks. “Crude remains supported by the Strait of Hormuz disruption,” experts said, adding that the bias stays constructive as long as MCX crude holds above ₹9,000.
In global trade, WTI hovered above $96 after retreating from near $98. Analysts said a break above $98 could open the way to $100, while support is seen at $95–94 and then $92–91. WTI’s RSI at 69 indicates the broader uptrend remains intact despite short‑term volatility.
(IANS)
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