Crude oil prices traded higher on Multi Commodity Exchange (MCX) on Thursday following a rebound in the international Brent oil prices, supported by the escalating conflict between Israel and Iran in the Middle East.
MCX crude oil futures for July contract opened higher at ₹6,360 per barrel as against its previous close of ₹6,334 level. MCX crude oil prices rallied 2% to a high of ₹6,467, and were last trading 1.72% higher at ₹6,443 per barrel.
In the international market, crude oil prices surged after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight, adding to fears of a broader conflict in the Middle East that could disrupt crude supplies.
Brent crude futures rallied 1.05% to $75.93 a barrel, while US West Texas Intermediate crude for August rose 0.74% to $77.27 a barrel%.
The conflict in the Middle East continued with Israel and Iran’s aerial attacks. The Israeli army said it had struck an “inactive nuclear reactor” in Arak in Iran during overnight raids. It also targeted Islamic republic’s Natanz nuclear site again.
Meanwhile, investors also focused on whether President Donald Trump will plunge the US into the conflict between Israel and Iran. Reports stated that senior US officials are preparing for the possibility of a strike on Iran in the coming days.
