Crude Oil Prices Soar After US Strikes on Iran’s Nuclear Sites

Crude oil prices surged sharply on Monday morning after the US launched airstrikes on nuclear sites in Iran over the weekend, escalating tensions in the Middle East. Brent crude climbed to $76.91 per barrel, while WTI rose to $75.33 — both up nearly 2%. The development has raised fears of disruptions in global oil supply, especially after reports emerged that Iran may close the strategic Strait of Hormuz — a key route through which nearly 20% of the world's crude passes. India, the world’s third-largest oil consumer, is watching the situation closely. Oil Minister Hardeep Singh Puri assured that steps will be taken to ensure domestic fuel supplies remain unaffected. Meanwhile, India’s crude oil imports hit a record 23.32 million metric tons in May, rising nearly 10% month-on-month, reflecting strong domestic demand. In a surprising twist, the US, not the Middle Eastern giants, continues to lead global crude oil production — pumping out nearly 22 million barrels per day, far ahead of Saudi Arabia and Russia. Disclaimer: This article is for informational purposes only. PolyMart does not provide investment advice or market predictions. Readers are advised to consult financial experts before making any trading decisions.