Middle East tensions push India MCX crude futures up 19%
Business
Oil prices shot up this week, thanks to rising tensions in the Middle East.
Both Brent and WTI crude saw noticeable gains, with India's MCX crude futures climbing 19% this week, with the May contract trading around ₹9,200 per barrel.
Traders nervous over Strait of Hormuz
Most of the worry comes from possible supply issues in the Strait of Hormuz, a key route for global oil.
Market experts like Hareesh V (Geojit Investments) say these tensions are making traders nervous.
Ponmudi R (Enrich Money) points out that MCX crude is testing resistance at ₹9,250, while US oil is near $96, so everyone's watching closely to see what happens next.