Oil price today: Crude oil prices rose on the Multi Commodity Exchange (MCX) on Monday following the US’s alignment with Israel in military actions targeting Iran’s nuclear facilities, which heightened tensions in the Middle East. Worries are increasing regarding possible disruptions in supply, especially the potential closure of the Strait of Hormuz, a vital passage for worldwide crude transportation.

MCX crude oil futures for July contract opened higher at ₹6,475 per barrel as against its previous close of ₹6,404 level. MCX crude oil prices rallied 2.28% to a high of ₹6,550, and were last trading 1.80% higher at ₹6,519 per barrel.