US-Iran Conflict Ignites Crude Oil Rally, Prices Hit Six-Month Peak
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Crude Oil Hits Six-Month High Amid US-Iran Tensions, Supply Concerns
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News18•20-02-2026, 09:32
Crude Oil Hits Six-Month High Amid US-Iran Tensions, Supply Concerns
•Crude oil prices reached a six-month high, with Brent at $72/barrel and WTI at $67/barrel, driven by escalating US-Iran nuclear program tensions.
•US President Donald Trump's ultimatum to Iran for a nuclear deal within 10-15 days, threatening "very bad things," fueled market fear of military action.
•Largest US military deployment in the Middle East since 2003 and Iran's fortification raise concerns about oil supply disruptions, especially in the Strait of Hormuz.
•US crude inventory dropped by 9 million barrels last week, indicating strong demand and supporting higher prices; investors are buying call options up to $100.
•Rising crude prices pose a concern for India due to high import dependency, potentially leading to increased petrol/diesel prices, inflation, and economic impact.
