MCX crude rallies nearly 19% this week as global oil surge continues

Crude oil futures on the Multi Commodity Exchange (MCX) continued to track strong global momentum on Friday, April 24. The May contract was trading around ₹9,200 per barrel, up ₹25 or about 0.27% in early trade. During the session, prices moved within a range of ₹9,033 to ₹9,249, indicating moderate intraday volatility. Overall, MCX crude prices have surged 19% so far this week.

The rally comes amid ongoing disruptions in the Strait of Hormuz, a route that previously handled nearly 20% of global oil flows. Current restrictions on passage, along with recent vessel seizures, have intensified concerns over supply security.

In the international market, Brent crude gained $1.93, or 1.8%, to reach $107 per barrel at 0805 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) rose by 76 cents, or 0.8%, to $96.61 per barrel. On a weekly basis, Brent has climbed 18% while WTI is up 15%, marking one of the sharpest weekly increases since the conflict began.

Both benchmarks had already closed more than 3% higher in the previous session, supported by reports of air defence activity in Tehran and signs of internal political tensions in Iran.

Oil prices have remained on an upward trend due to fears of further escalation in the Middle East. Additional concerns emerged after footage showed commandos boarding a cargo vessel in the Strait of Hormuz, while progress on reopening the key shipping lane remains limited.

From a technical perspective, analysts note that MCX crude has rebounded strongly from ₹7,600 levels and is currently trading near ₹9,110. A key resistance is seen at ₹9,250, and a sustained move above this level could push prices toward ₹9,400–₹9,580. On the downside, immediate support is placed at ₹9,020, followed by ₹8,900 and ₹8,730.

Globally, U.S. crude is holding near $96 after breaking above the $95 mark. If prices move past $99, the rally could extend toward $104.50 and potentially $110. However, a drop below $95 may weaken momentum. Overall, the outlook remains cautiously bullish, largely dependent on how geopolitical developments unfold in the coming days.

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