NEW DELHI, June 3 (HS): Crude oil prices continued to rise after tensions in West Asia escalated once again following Iran’s missile strikes overnight on U.S. military installations in Kuwait and Bahrain. The renewed geopolitical uncertainty pushed global oil benchmarks higher, with Brent crude climbing above the $97-per-barrel mark and West Texas Intermediate (WTI) crude crossing $96 per barrel.

Crude oil prices have already risen by nearly seven percent during the first two trading sessions of the week. The latest attacks on U.S. military facilities have heightened fears of a broader conflict in West Asia, raising concerns over potential disruptions to the supply of petroleum products from Gulf nations to global markets.

Brent crude began trading today at $96.65 per barrel. Shortly after the opening, prices briefly slipped to $96.58 per barrel before rebounding sharply. As of 9:00 a.m. Indian Standard Time, Brent crude was trading at $97.16 per barrel.

Similarly, West Texas Intermediate (WTI) crude opened at $94.39 per barrel. It initially declined to $93.45 per barrel before recovering strongly. By 9:00 a.m. IST, WTI crude was trading at $96.08 per barrel.

Market analysts said uncertainty continues to surround the future of the ceasefire between the United States and Iran. In addition, the movement of oil tankers through the Strait of Hormuz remains severely disrupted. The outcome of ongoing peace negotiations between the two countries also remains unclear, adding further pressure to international crude oil markets.

Analysts noted that Iran’s missile attacks on U.S. military bases in Kuwait and Bahrain have reignited fears of renewed hostilities in the region. These concerns have contributed significantly to the upward momentum in crude oil prices.

Earlier, expectations of a possible agreement between Washington and Tehran had pushed crude oil prices below the $90-per-barrel level during May. However, no concrete prospects of a settlement have emerged so far, keeping market sentiment cautious and supporting higher oil prices.

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Hindusthan Samachar / Jun Sarkar