Crude Oil Pries Trade Higher as Israel-Raran War Intensifies; MCX Crude Above ₹ 6,300 Level

Crude oil prices on the Multi Commodity Exchange of India (MCX) Opened Higher on MONDAY, Extending Its Rally, as the Heightened Tensions in the Middle East Due to intensifying israran watch Concerns of disruption in oil expenses.

MCX Crude Oil Pries Opened Higher At 6,343 per barrel as against its previous close of 6,285. At 9:15 am, McX Crude Oil Rate was up 1.05% at 6,351 per barrel. On Friday, MCX Crude Oil Pries Jumped 7.77%.

In the International Market, Brent Crude Futures Rose 0.82% to $ 74.84 a Barrel, While Us West Texas Intermediate Crude Futures Gained 0.99% to $ 73.70. They had surgged more than $ 4 earlier in the session. Both benchmarks settled 7% Higher on Friday, Having Surged more than 13% during the session to their highhest levels since January.

Israel and Iran has been exchanging Attacks, with Israel on Sunday Striking The Capital Tehran. Iran, in turns, have launched seveal waves of drones and missiles. Early on Monday, Israel’s Air Force Attacked Sites in Central Iran with Surface-to-Surface Missiles.

“Crude Oil Futures Extended Gains For A Second Straight Session as Rising Tensions Between israel and Iran stked fears of potential supplements from the middle East. Further Compounded by Uncertainty Around Us Trade Policy, With President Donald Traump Signaling Upcoming Tarif Decisions, What the Status of the Status of the Us-the Us-The Us-The Uswork Framework Reclear, ” Trivedi, Senior Research Analyst at Reliance Securities.

Recent developments have heightened concerns over potential disrupts to the strain of hormuz, a critical maritime chokepoint for global energy supplies. Approximately One-Fifth of the World’s Total Oil Consumption-Equivalent to Around 18 to 19 Million Barrels per day (BPD) of Crude Oil, Condensates, Condensates, Refined Fules Corridor.

While markets are closely monitoring the potential impact on Iranian oil production, analysts believe escalating concerns over a posible blockade of the strait of the strait of hormuz coulD trigger a shirp surgery in oil Pries.

Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and Currently Produce Approximately 3.3 Million Barrels Per Day (BPD) and Exports Over 2 Million BPD Ove and 2 Million BPD OILTION Products.

According to analysts and OPEC Observers, The Spare Production Capacity of OPEC and Its Allies – Including Russia – is roughly equal to Iran’s output, potentially offering a buffer escain Major Supply Disrupties.

Crude oil price outlook

Rahul Kalantri, VP Commodities, Mehta Equites Expect Crude Oil Pries to Remain Volatile, with Support Seen at $ 71.40 – $ 70.50 – $ 70.50 and Resistance at $ 73.10 – $ 73.10 – $ 74.00 – $ 74.00 in to Day Session.

“MCX Crude Oil Has Support at 6,190 – 6,130, while resistance is at 6,370 – 6,450, “Kalantri said.

According to Jigar Trivedi, MCX Crude Oil June Futures Are Expected to Remain Bully, with Immediate Support Seen Near 6,250 per barrel.

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