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Commodity News Details
Crude oil holds firm amid fresh US-Iran clashes
08-May-2026 13:46
WTI crude oil prices traded slightly higher near $95 per barrel in Asian electronic trading on Friday as fresh exchanges between the US and Iran kept geopolitical tensions elevated despite an existing ceasefire deal. US Central Command stated that American forces intercepted Iranian attacks and conducted defensive strikes near the Strait of Hormuz, while stressing that Washington does not seek further escalation. Meanwhile, MCX May crude oil futures traded slightly lower at ₹9,027 per barrel, while market participants also remained focused on the upcoming US April jobs report for further economic direction. Investors are also awaiting Iran's response to a US proposal aimed at reopening Hormuz and ending the nearly 10-week conflict.

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