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Commodity News Details
Oil climbs to multi-month highs on Middle East supply fears
29-Jan-2026 13:57
WTI crude oil futures pushed higher toward the $65 per barrel mark on Thursday, extending gains for a third consecutive session and reaching levels last seen in late September. The advance was driven by escalating geopolitical tensions after US warnings of possible military action against Iran reignited concerns over potential supply disruptions in the Middle East, a region that accounts for nearly one-third of global oil output. Fears were amplified by the risk of retaliation impacting shipments through the Strait of Hormuz ' a critical artery for global crude and LNG flows. While Iran signalled openness to negotiations, it simultaneously cautioned against any provocation, keeping markets on edge. Adding further support, the US dollar slid to a near four-year low of below 96, boosting the appeal of dollar-denominated commodities. Reflecting the global uptrend, MCX February crude futures climbed nearly 2%, touching Rs 5,947 per barrel.

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