Oil Prices Steady Amid West Asia Tensions

Crude oil prices remained steady today after rising sharply in the previous trading session due to growing tensions in West Asia.

According to media reports, US crude futures increased by 1.4 per cent to reach 72.23 dollars per barrel. At the same time, Brent crude prices went up by nearly 1.9 per cent, trading at around 79.2 dollars per barrel in early trade.

The recent rise in oil prices comes after Iran carried out retaliatory strikes on oil and gas facilities in the region. There are also serious concerns about possible supply disruptions through the Strait of Hormuz. This narrow waterway is one of the most important routes for global oil transport.

Nearly 20 per cent of the world’s oil supply passes through the Strait of Hormuz. For India, the route is even more important, as more than 40 per cent of the country’s crude oil imports move through this passage. Any disruption in this area can directly affect fuel prices and energy supplies.

Investment bank Morgan Stanley has warned that Brent crude prices could rise to 120 dollars per barrel if the conflict continues for a long time and supply disruptions worsen. Such a sharp increase could impact global economies, leading to higher fuel prices and inflation in many countries.

Experts say oil markets will continue to remain sensitive to developments in West Asia, and prices may fluctuate depending on how the situation unfolds.