Oil slips 3% after rally; Hormuz tensions keep markets on edge
Oil markets remain highly sensitive as conflict-driven uncertainty disrupts shipping routes, pushing prices into sharp swings despite a strong upward trend this year.
Oil markets remain highly sensitive as conflict-driven uncertainty disrupts shipping routes, pushing prices into sharp swings despite a strong upward trend this year.
Global markets reacted sharply as crude prices climbed despite a historic emergency oil reserve release, highlighting investor fears that tensions in the Middle East could disrupt key shipping routes.
Washington is considering easing some Russian oil restrictions and allowing India limited purchases to stabilise markets as the Gulf crisis disrupts shipping and raises global energy supply concerns.
More than half of India's crude oil supplies originate from Middle Eastern producers and pass through the narrow Strait of Hormuz, a critical maritime chokepoint now under strain amid rising tensions linked to Iran.
In other metropolitan cities of Mumbai, Chennai and Kolkata patrol prices was at Rs 82.10, Rs 78.99 and Rs 77.05 respectively.
This latest development comes following the recent global developments in the crude oil derivatives markets.
The Sensex gained 331.50 points to settle at 35,144.49. It had opened at 34,846.19, touching an intra-day high of 35,187.75 and a low of 34,672.20.
