Brent, WTI and Indian crude rebound Thursday on supply fears
Business
After two days of falling, crude oil prices made a comeback on Thursday thanks to supply worries and ongoing global tensions.
Brent crude is now at $105.83 a barrel (up 0.77%), US West Texas Intermediate sits at $99.23 (up 0.99%), and Indian crude rates on MCX also climbed 1.07% to ₹9,564 per barrel.
Iran blocking Strait of Hormuz
A big reason is the U.S.-Iran conflict: Iran's been blocking the Strait of Hormuz, a key route for oil and LNG exports accounting for nearly 20% of global consumption, ever since strikes on Feb. 28 reignited tensions.
Plus, the US just pulled a record nearly 10 million barrels from its emergency oil stash last week.
Experts say price swings are likely to continue as long as these geopolitical risks stick around.