Crude Oil Prices in India Remain Steady Amid Rising Tensions in US-Iran Conflict
Crude oil prices in India demonstrated a lack of momentum despite heightened geopolitical tensions surrounding the ongoing US-Iran conflict. As of April 24, 2026, prices on the Multi Commodity Exchange (MCX) opened lower at ₹9,112 per barrel, reaching an intraday high of ₹9,137 before dipping to a low of ₹9,083 shortly thereafter. In contrast, international benchmarks reflected a modest increase, with COMEX crude oil rising approximately 0.80% to $96.63 per barrel and Brent crude escalating by 0.85% to around $106 per barrel, indicating a divergence in market reactions influenced by local and global factors.
The stagnant price action in India can be attributed to recent profit-taking behaviors among traders, mirroring broader market tensions stemming from escalated conflicts in the Strait of Hormuz. The U.S. military’s aggressive posture and direct orders to engage Iranian vessels have raised concerns over potential disruptions in this critical shipping lane, responsible for transporting 20% of global oil during stable conditions. Furthermore, the ongoing stalemate in U.S.-Iran diplomatic talks, marked by delays and mutual aggressive posturing, has exacerbated market volatility while maintaining elevated prices amidst uncertainty. Additionally, mixed data from the latest Energy Information Administration (EIA) report—showing significant crude builds alongside draws in gasoline and distillates—poses a complex backdrop that suggests resilient demand for refined products despite potential supply chain disruptions.
Looking ahead, traders and investors are advised to remain vigilant as geopolitical developments continue to shape market sentiment. The immediate outlook suggests that crude prices may face upward pressure given the prevailing uncertainties in the Strait of Hormuz, combined with sustained inflationary fears reinforcing the case for a higher interest rate environment. Market participants are keenly awaiting upcoming economic indicators, such as U.S. jobless claims and S&P Global Flash PMIs, for additional context, but the overarching influence of developments on the U.S.-Iran front is expected to dominate price movements. Engaging with positions around these geopolitical risks could be prudent, particularly as any further escalation could trigger significant price swings in the commodity market.
Source: Market Source
(Expert Note: This report was independently prepared by the Wealthova Commodities team.)