International crude oil prices climbed sharply on Friday, rising by up to 2 per cent as escalating tensions in the West Asia continued to unsettle global markets, despite reports of a unilateral ceasefire announcement by the United States.
The global benchmark Brent crude advanced to around $107 per barrel, while West Texas Intermediate (WTI) approached $97.6, both registering gains of nearly 2 per cent from the previous close.
In India, crude oil futures on the Multi Commodity Exchange (MCX) were trading lower at Rs 9,077, down about 1 per cent.
For the week, oil prices have surged significantly, with Brent rising nearly 19 per cent and WTI gaining around 17 per cent, reflecting heightened concerns over supply disruptions.
Analysts attributed the rally to continued instability around the Strait of Hormuz, a critical route through which roughly a fifth of global oil trade passes. Ongoing military activity and shipping disruptions in the region have kept market sentiment on edge.
Experts noted that while the near-term outlook remains cautiously bullish, price movements will largely depend on geopolitical developments. Resistance levels are seen near $99, with the potential to climb further towards $110 if upward momentum sustains. On the downside, $95 is viewed as a key support level.
