Brent crude hovered near $104 per barrel after surging nearly 13% over the past three sessions, while West Texas Intermediate traded around $95.(Bloomberg)AI Quick ReadUS-Iran war: Oil prices extended their rally to a fourth straight session on Thursday, 23 April, as the US and Iran remained locked over control of the Strait of Hormuz, following the collapse of fresh peace talks.
Brent crude hovered near $104 per barrel after surging nearly 13% over the past three sessions, while West Texas Intermediate traded around $95.
Meanwhile, crude oil prices on the Multi Commodity Exchange (MCX) also witnessed a similar upward movement. MCX crude oil prices surged as much as 2.60% to ₹8,948 per barrel.
US President Donald Trump said the ceasefire agreed on 7 April will remain in effect indefinitely as Washington awaits a fresh peace proposal from Iran, even as Tehran maintains it has no immediate intention of entering negotiations.
The conflict, which began in late February, has unsettled global energy markets. A near shutdown of the Strait of Hormuz sharply curtailed oil flows from key Persian Gulf producers. Meanwhile, the US enforced a naval blockade on vessels travelling to and from Iranian ports to increase pressure on the Islamic Republic—a move Foreign Minister Abbas Araghchi condemned as a breach of the ceasefire.
Washington and Tehran continue to remain deadlocked over major issues, including Iran’s nuclear programme and Israel’s military actions in Lebanon. Iranian President Masoud Pezeshkian said he is open to dialogue, but emphasised that the blockade and ongoing threats remain significant barriers to diplomacy.
Iran has also restricted most international traffic through Hormuz, with its patrol boats reportedly firing at commercial vessels in the strait on Wednesday. Since the US blockade was imposed earlier this month, American forces have intercepted, boarded, and turned away multiple ships.
Separately, traders monitored US oil inventory data released by the Energy Information Administration, which showed declines across major refined fuel categories. As global markets increasingly rely on US supplies to offset disruptions in the Middle East, demand has surged, pushing total US oil and fuel exports to record levels, according to a Bloomberg report.
Kaynat Chainwala, AVP, Commodity Research, Kotak Securities, believes that WTI is expected to trade within a $85–95/bbl range in the near term as markets continue to oscillate between ceasefire optimism and escalation risk.
She further noted that a significant deterioration in the geopolitical situation could drive prices beyond $100/bbl, while a credible and lasting peace settlement would likely see WTI retreat below $80/bbl.
On the MCX crude oil price outlook, she further added that the crude is expected to remain range-bound between ₹7,900–8,900 per barrel, with a breakout above ₹9,400 possible should tensions intensify further, and a pullback toward ₹7,500 likely in the event of a durable deal and the reopening of the Strait of Hormuz.
On the technical outlook, Ponmudi R, CEO of Enrich Money, said that MCX Crude Oil is currently trading near the ₹8,400 zone, having broken above the prior ₹8,000– ₹8,350 consolidation range and surging to a peak near ₹8,600 before pulling back.
“Price action remains volatile, with ₹8,530 now acting as immediate resistance. A sustained move above this level could reopen the path toward ₹8,650– ₹8,860. On the downside, ₹8,200 serves as the key support; a decisive break below could expose the ₹8,120– ₹7,945 zone. The near-term bias remains cautiously bullish driven by ongoing disruptions in the Strait of Hormuz,” Ponmudi said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.