Crude Oil Futures Hit All-Time High of ₹6,311/Barrel on MCX Amid Middle East Tensions

Crude oil futures surged to an all-time high of ₹6,311 per barrel on the Multi Commodity Exchange (MCX) on Friday, driven by a sharp spike in global oil prices following escalating geopolitical tensions in the Middle East.

The July delivery contracts, which are the most actively traded on the MCX, soared by ₹578 or 10.08% during morning trade to reach the historic peak. The price later moderated slightly, trading at ₹6,156 per barrel—still up by ₹423 or 7.38%—with an open interest of 6,907 lots, reflecting sustained trader interest.

The rally comes in response to a significant military escalation in the Middle East, where Israel reportedly launched strikes on Iran targeting nuclear and military assets. The geopolitical uncertainty has raised concerns over potential disruptions to oil supplies from the region, which is a key global energy hub.

Market analysts said the surge in prices is being driven by fears of supply shocks, increased risk premiums, and speculative buying amid the heightened conflict.

Crude oil prices have been on an upward trend in recent weeks, and today’s spike marks a significant milestone for Indian commodity markets, with potential implications for inflation and fuel pricing in the country.