Crude oil rally nears $100: Will geopolitical risks push prices higher?

Synopsis Crude oil prices are nearing $100 per barrel, driven by escalating geopolitical tensions between the US and Iran. While physical supply remains intact, fears of disruptions in the Strait of Hormuz have added a risk premium. Hareesh V of Geojit Investments analyses whether these risks will push prices higher. Crude oil prices have rallied sharply in recent weeks, with Brent crude climbing to around $96-$99 per barrel, its highest level in nearly one and a half months, while US WTI crude has moved above $90 per barrel. The strength has also been reflected in MCX crude oil futures. The…