Crude Oil Above $100 Again: Iran-US Tensions Put Strait Of Hormuz In Focus

Global crude oil prices climbed sharply on Thursday as rising attacks involving Iran and the United States raised fresh concerns over energy supplies through the Strait of Hormuz.

Brent crude, the international benchmark, gained 0.68 per cent to $101.90 a barrel after moving above the $100 level. US West Texas Intermediate (WTI) crude advanced 1.81 per cent to $97.79 a barrel.

Iran said it had attacked 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers.

The Islamic Revolutionary Guard Corps warned that it would intensify its response to further attacks.

The developments have increased concerns about shipments through the Strait of Hormuz, one of the world’s most important energy transit routes.

Oil flows through the waterway have reportedly dropped to around a quarter of pre-war levels after tanker strikes this week.

In India, crude oil opened slightly higher and traded around Rs 9,140 on the Multi Commodity Exchange (MCX), up 0.45 per cent. The contract is now testing the Rs 9,150-Rs 9,200 resistance zone after a prolonged rally.

Analysts said a decisive move above Rs 9,200 could push prices towards Rs 9,350-Rs 9,400. Immediate support remains at Rs 9,000-Rs 8,950, followed by Rs 8,800-Rs 8,750.

The MCX crude RSI near 71 points to strong momentum but also leaves room for a short-term pullback or consolidation.

WTI traded above $96 after easing from levels near $98. A sustained move above $98 could open the path towards $100, while support remains at $95-$94 and then $92-$91. The RSI near 69 indicates that the broader uptrend remains intact.

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