Mumbai
International crude oil prices rose sharply, gaining up to 2% as geopolitical tensions in the Middle East intensified, despite a reported US ceasefire announcement. Brent crude climbed to around $107 per barrel, while West Texas Intermediate (WTI) rose to about $97.6. Weekly gains have been significant, with Brent up nearly 19% and WTI about 17%, driven largely by supply concerns. Market volatility has been fueled by disruptions near the Strait of Hormuz, a key global oil transit route carrying roughly 20% of global oil trade. Analysts said prices remain cautiously bullish, with resistance near $99–$104.50 and potential upside toward $110, while $95 is seen as key support. Domestic Indian markets saw MCX crude dip slightly even as global prices surged.