New Delhi, July 24 (IANS): Global crude oil prices remained above the $100-per-barrel mark on Friday as escalating geopolitical tensions in the Gulf heightened concerns over disruptions to global energy supplies. International benchmark Brent crude rose 0.43 per cent, or 44 cents, to stay above $100 a barrel, while US benchmark West Texas Intermediate (WTI) gained 0.69 per cent, or 64 cents, to $92.83 per barrel. In India, crude oil futures for August delivery on the Multi Commodity Exchange (MCX) traded at Rs 8,865 per barrel at around 10 a.m., down Rs 159 or 1.76 per cent. Market participants said the rally was driven by fears that prolonged conflict in key shipping routes could significantly impact global oil flows and keep energy prices elevated.
According to market experts, crude prices surged after Iran-backed Houthi forces reportedly attacked Saudi oil tankers in the Red Sea, adding to ongoing disruptions in the Strait of Hormuz, both of which are among the world’s most critical energy transit routes. Analysts said renewed geopolitical tensions and fading hopes of a ceasefire have revived concerns about prolonged supply disruptions and persistent inflation. The latest escalation comes two weeks after the collapse of an interim truce, with the United States launching fresh air strikes on Iran while Tehran reportedly fired missiles at neighbouring Arab nations hosting US military bases. The rise in oil prices also weighed heavily on global equity markets, with Japan’s Nikkei falling around 3 per cent, Hong Kong’s Hang Seng declining more than 3 per cent and South Korea’s KOSPI dropping over 5 per cent. In the United States, Wall Street ended lower overnight, with the S&P 500 falling 1.21 per cent and the Nasdaq losing 2.15 per cent amid concerns that higher energy costs could keep inflation elevated for a longer period.