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Commodity News Details
WTI scales one-month peak amid intensifying Middle East turmoil
23-Jul-2026 12:58
Crude oil prices extended their powerful rally, with WTI futures climbing above $89 per barrel to their highest level in more than a month, as intensifying geopolitical hostilities in the Middle East reignited concerns over severe supply disruptions. Persistent US strikes on Iranian military targets, coupled with Iran's retaliatory attacks and mounting threats to strategic maritime corridors, sharply elevated the geopolitical risk premium. A pronounced decline in tanker traffic through the Strait of Hormuz'an artery for nearly one-fifth of global oil shipments'further reinforced fears of supply constraints, lifting market sentiment. Mirroring the global uptrend, MCX August crude oil futures surged over 3% to ₹8,661 per barrel.

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