Oil India shares jumped over 4% in morning trade on Thursday, tracking a sharp rally in global crude oil prices. The surge in oil prices comes amid escalating geopolitical tensions between the United States and Iran, fueling supply concerns in the global energy market. As of 9:19 AM, the shares were trading at 4.24% higher at Rs 485.05.
Brent crude futures soared $2.90, or 4.3%, to close at $69.77 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $3.17, or 4.9%, to settle at $68.15.
The rise in crude prices was triggered by news that the U.S. is preparing to evacuate all non-essential personnel from its embassy in Baghdad. According to NBC News, the move comes amid growing tensions with Iran, with President Donald Trump expressing skepticism about reaching a nuclear deal with Tehran.
A State Department official emphasized the administration’s commitment to safeguarding Americans, stating, “We are constantly assessing the appropriate personnel posture at all our embassies.”
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