India, July 13 -- Crude oil futures rallied nearly 6 percent on Monday, driven by renewed military tensions between the US and Iran, which heightened concerns over potential supply disruptions through the Strait of Hormuz.
On the Multi Commodity Exchange (MCX), the July crude oil contract climbed Rs 384, or 5.6 percent, to Rs 7,198 per barrel. The August contract also gained Rs 359, or 5.25 percent, to Rs 7,197 per barrel.
The sharp rise in oil prices reflects growing concerns that escalating geopolitical tensions could disrupt global crude supplies, particularly through the strategically important Strait of Hormuz.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....