Crude oil prices steadied today after a sharp surge in the previous session amid escalating tensions in West Asia. According to media reports, US crude futures rose 1.4 per cent to 72.23 dollars a barrel, while Brent crude gained nearly 1.9 per cent to trade at 79.2 dollars in the early trade.
The spike follows Iran’s retaliatory strikes on oil and gas facilities and concerns over supply disruptions through the strategic Strait of Hormuz, a key route for global energy shipments. Around 20 per cent of global oil flows pass through the strait, including over 40 per cent of India’s crude imports.
Investment bank Morgan Stanley has warned that Brent crude could touch 120 dollars per barrel in case of prolonged disruption.
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