West Asia war LIVE: At least 20 people killed in U.S.-Saudi strikes on Iran-backed groups in Iraq

Crude oil futures rebounded more than 3% to ₹7,845 per barrel on Wednesday (July 29, 2026), tracking gains in global benchmarks as renewed military escalation in West Asia revived fears of supply disruptions.

On the Multi Commodity Exchange (MCX), crude futures for August delivery increased by ₹242, or 3.18%, to ₹7,845 per barrel, snapping a three-session losing streak.

“MCX Crude oil for the August contract was trading with a positive bias at around ₹7,650 in early trade on Wednesday on renewed supply-disruption concerns,” said Aamir Makda, Commodity & Currency Analyst, Technical Research at Choice Broking.

Crude oil prices rebounded after Iran launched strikes on American forces in the region, triggering retaliatory action by the U.S. and Saudi military against Tehran-aligned targets in Iraq, said Anindya Banerjee, Head of Commodity and Currency Research at Kotak Neo (formerly Kotak Securities).

– PTI