Crude surges past $64 on Middle East conflict fears
21-May-2025
13:45
Crude oil futures jumped above $64 per barrel on Wednesday after reports suggested Israel may strike Iranian nuclear sites, sparking fears of supply disruptions in the Middle East. Concerns grew that Iran could retaliate by closing the Strait of Hormuz, a vital oil route for Gulf producers like Saudi Arabia, Iraq, and the UAE. Ceasefire uncertainty between the U.S. and Russia over the Ukraine conflict added to the geopolitical stress. On the domestic front, MCX June crude futures climbed ₹73 to ₹5407 per barrel. However, gains were partially capped after API data showed U.S. crude inventories rose by 2.5 million barrels.
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