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Commodity News Details
Crude oil tops $95 as Middle East tensions escalate
03-Jun-2026 13:06
WTI crude futures rose above $95 per barrel on Wednesday, extending gains for a third straight session as escalating tensions in the Middle East and uncertainty surrounding US-Iran peace talks supported oil prices. Fresh supply concerns emerged after Iran launched ballistic missiles toward Kuwait and Bahrain, prompting retaliatory strikes by US forces on Iran's Qeshm Island. Adding to the bullish sentiment, US crude inventories declined for a seventh consecutive week, signaling tightening supplies. Reflecting the strength in global markets, MCX June crude oil futures advanced nearly 3% to trade around Rs 9,185 per barrel.

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