Blitz Bureau
NEW DELHI: International crude oil prices surged on April 24, rising up to 2 per cent amid escalating tensions in the Middle East, even after a unilateral ceasefire announcement from the US. The global oil benchmark Brent crude advanced about 2 per cent to $107 per barrel, while US West Texas Intermediate (WTI) crude increased nearly 2 per cent to $97.6 from the previous close.
In the domestic market, crude oil on the Multi Commodity Exchange (MCX) was trading at Rs 9,077, down 1 per cent or nearly Rs 100. This week, Brent crude has jumped as much as 18.83 per cent to trade around the $107 mark so far against the previous Friday’s closing. Similarly, US WTI has witnessed a 17 per cent gain during the week.
Commodity experts said that ongoing disruptions in the Strait of Hormuz continue to fuel volatility, keeping the near-term bias cautiously bullish. For global oil commodities, they said immediate resistance is seen at $99, and a sustained breakout could extend gains towards $104.50, with further upside potential up to $110, adding that on the downside, $95 remains key support, while $90.80–$88.50 acts as a stronger base. Though the overall bias remains cautiously bullish, contingent on geopolitical developments, the experts noted.
Moreover, US President Donald Trump has reportedly stated that he would not use a nuclear weapon in the war against Iran.
“Why would I use a nuclear weapon? We’ve totally, in a very conventional way, decimated them without it,” Trump told media at the White House.
