India, Sept. 30 -- Fears of a prolonged disruption in crude oil supplies through the Strait of Hormuz as well as fears of a spike in demand from China weighed on prices of crude oil in the futures market. Uncertainty surrounding the U.S.-Iran negotiations also fueled a surge in crude oil prices even as markets await the response from Iran on the reopening of Strait of Hormuz.
The dollar's retreat also boosted the dollar-denominated prices of crude oil. The six-currency dollar index which measures the dollar's strength against a basket of 6 currencies has declined 0.15 percent overnight to 101.22.
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