Oil prices are on the rise, experiencing a third consecutive session of gains, fueled by ongoing US-Iran tensions and uncertainties surrounding India’s Russian crude oil purchases.
- WTI crude oil futures reached $64.6 per barrel.
- US issued warning to American-flagged ships to avoid Iranian waters in the Strait of Hormuz.
- US and Iran are continuing negotiations, with recent talks described as positive.
- Iran insists on maintaining uranium enrichment, a key point of contention.
- India’s Russian crude oil purchases are being monitored after a US trade deal was linked to a freeze on Russian oil imports.
The dynamics suggest a market sensitive to geopolitical risk and supply chain adjustments. Tensions in the Middle East create concern about potential disruptions to oil supplies, supporting higher prices. Simultaneously, the potential for reduced Russian oil imports by a major consumer like India adds further upward pressure on prices due to anticipated tightening in global oil availability.