Brent futures rise nearly 2% to $92.33/bbl

Crude oil prices reversed early losses to trade higher at Rs 8,224 per barrel, tracking gains in global benchmarks amid fresh US airstrikes on Iran, which revived concerns over supply dis-ruptions in West Asia.

Crude futures for the August delivery climbed by Rs 110, or 1.36 per cent, to Rs 8,224 per barrel. The September contract also advanced Rs 75, or 1 per cent, to Rs 7,973 per barrel on the MCX.

In the international markets, Brent oil futures for September de-livery rose nearly 2 per cent to trade at $92.33 per barrel on the Intercontinental Exchange.

Ad-ditionally, Comex West Texas Intermediate (WTI) crude for September contract advanced by nearly 1 per cent to $85.03 per barrel on the New York Mercantile Exchange.