Mumbai: Global crude oil prices surged on Friday, rising up to 2% as renewed geopolitical tensions in the Middle East kept energy markets volatile, even as the United States announced a unilateral ceasefire move.
Brent crude climbed to around $107 per barrel, while West Texas Intermediate (WTI) rose to nearly $97.6 per barrel, reflecting persistent concerns over global supply stability.
In the domestic market, crude oil futures on the Multi Commodity Exchange (MCX) traded lower at around ₹9,077 per barrel, down nearly 1%, indicating mixed sentiment between global and local benchmarks.
For the week, both major global crude benchmarks recorded strong gains—Brent up nearly 19% and WTI rising about 17%—driven by fears of supply disruptions and heightened geopolitical risk.
Market analysts said ongoing uncertainty around key maritime routes, especially the Strait of Hormuz, continues to support prices. Any disruption in this critical shipping corridor could significantly impact global oil flows.
Brent crude faces near-term resistance around $99, with potential upside towards $104–$110 if bullish momentum continues. On the downside, support is seen near $95, with stronger levels around $90–$88.
Geopolitical developments, including shifting signals on ceasefires and military activity in the region, have added to market volatility. While diplomatic efforts are underway, traders remain cautious.
Domestic equity markets also reflected global risk aversion, with Sensex and Nifty trading lower in early sessions amid broad-based selling pressure.
Overall, analysts expect crude oil to remain highly sensitive to geopolitical developments in the near term, with volatility likely to persist.
