Crude Oil Prices Rise Up To 2% As Middle East Tensions Keep Markets On Edge

Global crude oil prices moved higher on Friday, gaining up to 2 per cent as tensions in the Middle East continued to drive uncertainty, even after a ceasefire announcement by the United States.

The international benchmark Brent crude rose about 2 per cent to around $107 per barrel, while US West Texas Intermediate (WTI) crude also advanced nearly 2 per cent to about $97.6.

In India, crude futures on the Multi Commodity Exchange were trading lower, slipping about 1 per cent, or close to Rs 100, to Rs 9,077.

Oil prices have seen sharp gains over the past week. Brent crude has climbed nearly 18.83 per cent compared to the previous Friday’s close, while WTI has risen around 17 per cent during the same period.

Analysts said volatility remains elevated due to continued disruptions near the Strait of Hormuz, a key global oil transit route. They noted that the near-term outlook remains cautiously positive, depending on geopolitical developments.

From a technical perspective, experts indicated that crude may face resistance around $99, with a sustained move above that level potentially pushing prices towards $104.50 and even $110. On the downside, $95 is seen as immediate support, with a stronger base in the $90.80 to $88.50 range.

Geopolitical Signals and Military Activity

US President Donald Trump said he would not consider using nuclear weapons in the ongoing conflict with Iran, stating that conventional military means had already caused significant damage.

Reports, however, suggest that the US has intensified military activity in the region, including operations targeting Iranian vessels near the Strait of Hormuz, adding to market concerns.

In a separate development, Israel and Lebanon are likely to have extended their ceasefire arrangement by three weeks.

The Strait of Hormuz, through which nearly 20 per cent of global oil supply passes, remains a critical area of concern as disruptions there continue to influence prices.

Back home, equity markets also reflected the cautious mood, with the BSE Sensex and Nifty 50 trading up to 1 per cent lower in early deals, weighed down by selling in IT and pharmaceutical stocks.

Also Read: Oil Prices Rise As US-Iran Tensions Keep Hormuz Route Disrupted