29-Jul-2026 13:19

Crude oil prices surged more than 4% toward $83 per barrel in Wednesday's electronic trading, as escalating geopolitical tensions in the Middle East reignited concerns over potential supply disruptions. Market sentiment turned sharply bullish after the United States and Saudi Arabia launched coordinated strikes against Iran-backed groups in Iraq, while the U.S. military reported intercepting Iranian ballistic missiles targeting American forces in the region, heightening fears of a broader regional conflict. Further underpinning prices, industry data revealed that U.S. crude inventories declined by approximately 3.3 million barrels last week, reinforcing expectations of tighter near-term supply ahead of the official government stockpile report. Reflecting the global uptrend, MCX August crude oil futures advanced more than 3% to around ₹7,840 per barrel, as geopolitical risk premiums and tightening inventory levels continued to bolster market sentiment.

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