Crude oil futures climb 1.5 pc after Iran strikes US bases in Iraq

Crude oil prices on Wednesday rose 1.49 per cent to Rs 4,561 per barrel as speculators raise their bets following further escalation of tensions in the middle-east after Iran attacked US bases in Iraq, raising concerns about disruption in oil supplies.

On the Multi Commodity Exchange, crude oil for delivery in January traded higher by Rs 67, or 1.49 per cent, to Rs 4,561 per barrel in 66,839 lots.

Crude oil for February delivery was up by Rs 64, or 1.45 per cent, at Rs 4,560 per barrel with an open interest of 2,983 lots.

The conflict between US-Iran escalated further after Iran launched over a dozen ballistic missiles targeting bases where US military and coalition forces are stationed in Iraq.

The attacks were in revenge for the killing of the commander of Iran's Revolutionary Guards, General Qasem Soleimani following US airstrike on Friday last week.

Globally, the West Texas Intermediate (WTI) was trading higher by 1.02 per cent at USD 63.34 per barrel.

Meanwhile, Brent crude, the international benchmark, edged up by 1.33 per cent to USD 69.18 per barrel in New York.