Oil prices rise to six-week high as US-Iran tensions escalate

Brent crude futures rose 2 percent to $96 per barrel, a six-week high, while US WTI climbed 1.7 percent to $88.27, driven by escalating US-Iran military conflict and fresh Houthi threats against Saudi oil shipments in the Red Sea. Iran Revolutionary Guards claimed the Strait of Hormuz is completely closed and warned shipping companies the southern route is mined, while Houthi naval blockade threats on Saudi Arabia risk disrupting global energy supplies beyond the Gulf. The surge in crude prices is negative for India as a major oil importer, likely pressuring the rupee, widening the trade deficit, and weighing on oil marketing and aviation stocks.