Crude Oil Prices Swing as Middle East Risks Clash with Policy Talks

Global petroleum markets closed higher following a week of volatile trading driven by regional conflict and logistics bottlenecks. December Brent futures surged 2.41 percent to $104.72 a barrel, while West Texas Intermediate crude picked up 1 percent to reach $91.85 a barrel. Domestic contracts on India's Multi Commodity Exchange reflected mixed momentum: October crude slipped 0.4 percent to ₹8,881 per barrel, but the November contract gained nearly 1 percent to settle at ₹8,828 per barrel.

Heightened security risks along vital maritime corridors continue to inflate energy prices well above pre-conflict levels of around ₹6,500. Attacks targeting 11 vessels passing through the Strait of Hormuz pushed maritime shipping fees to historic highs and created widespread traffic congestion. Temporary Gulf of Mexico output halts from hurricane activity further restricted supply, though upside moves were tempered after Washington granted permission for Russia to export 22.5 million diesel barrels and diplomatic conversations began in Miami.

Market participants are focusing on potential agreements between Washington and Tehran to restore safe passage through the Strait of Hormuz, which could reduce import expenses for nations like India. Energy traders will also monitor fresh industry assessments from major global oil alliances alongside weekly stockpile statistics from American petroleum authorities to gauge supply balances.