Crude oil futures jump 3% to Rs 9,783/barrel; Brent tops USD 117

Crude oil futures surged over 3 percent to Rs 9,783 per barrel on Friday, tracking global market strength amid reports of potential renewed US-Israeli strikes on Iranian assets. Brent crude topped USD 117 per barrel, its highest level since April 30. The November delivery contract on the Multi Commodity Exchange rose Rs 299, or 3.15 percent, from Thursday's close, while the December contract gained Rs 307 to Rs 9,651 per barrel. Analysts cited escalating US-Iran tensions, stalled diplomatic talks, and Iran's threat to attack Gulf oil facilities, undersea cables, and data centers if a new offensive occurs. The price surge reflects a premium on threatened rather than lost supply, with the December-May Brent spread in backwardation of USD 13-17 per barrel. Analysts noted any escalation reaching Saudi export infrastructure could push prices through USD 120, while credible diplomacy would remove the risk premium first.