Mumbai, Aug. 20 -- Crude oil prices surged towards $86 per barrel in Thursday's electronic trading, extending gains for a fourth consecutive session as fresh US-Iran tensions raised concerns over the security of shipping through the Strait of Hormuz. Brent futures rose 1.56% to $93.09 per barrel, while WTI gained 1.52% to $85.72, with both benchmarks settling at their highest levels since July 24. Fears of disruptions remain elevated as the Strait handles around 20% of global crude supplies. Meanwhile, US crude inventories increased by 4.4 million barrels, limiting some of the upside. MCX September crude futures rose 0.8% to Rs.8,217.
Published by HT Digital Content Services with permission from Capital Market....