Crude Oil Futures Rise on Geopolitical Tensions, Iran Attack Speculation, and India's Shift

Crude oil futures experienced an increase on Wednesday, extending a rebound from recent lows. This uptick is primarily driven by traders evaluating heightened geopolitical risks. Specifically, market participants are assessing the potential for a U.S. attack on Iran, a major oil-producing nation, which could disrupt global supply. Furthermore, the market is factoring in the implications of India's reduced reliance on Russian oil. These developments collectively introduce significant supply uncertainty, contributing to the upward pressure on crude prices.