Crude oil prices rose on the Multi Commodity Exchange (MCX) due to escalating tensions between Israel and Iran, with July futures opening at ₹6,360 per barrel and peaking at ₹6,467. Internationally, Brent crude hit $75.

Israel launched military strikes against Iran's nuclear facilities, leading to a significant surge in global oil prices and increased geopolitical uncertainty.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.