On May 4, 2023, crude oil prices stabilized as Brent crude remained above $108 per barrel and West Texas Intermediate hovered near $102. The market is reacting to ongoing tensions between the US and Iran, particularly around the Strait of Hormuz, where disruptions continue. OPEC+ announced an increase in oil output targets by 188,000 barrels per day for June, marking the third consecutive monthly increase. However, much of this additional supply may not materialize due to the conflict. Analysts like Ponmudi R, CEO of Enrich Money, indicate that while prices are volatile, they are likely to remain elevated due to concerns over supply disruptions. Immediate resistance for MCX crude oil is identified between ₹9,900 and ₹10,100, while support is at ₹9,500. Anindya Banerjee from Kotak Securities warns of significant price movements depending on developments in the region, with resistance seen at $125 and potential spikes if tensions escalate further.