Mumbai, Oct. 14 -- Crude oil prices surged as escalating hostilities between Saudi Arabia and Iran-backed Houthi rebels heightened fears of Middle East supply disruptions. Meanwhile, despite ongoing shipping disruptions in the Strait of Hormuz, OPEC+ posted a sharp gain in oil production for September. According to OPEC's monthly report released Tuesday, it pumped an average of 39.07 million barrels per day (bpd) in September, representing an increase of roughly 900,000 bpd from August. WTI oil futures are trading at a two week high of $94.71 per barrel while Brent is up half a percent at 106.30 per barrel.
Published by HT Digital Content Services with permission from Capital Market....