On April 22, 2023, crude oil prices remained stable after experiencing a 9% increase over the previous two sessions. Brent crude hovered around $98 per barrel, while West Texas Intermediate traded at approximately $89. The stability comes amid cautious market sentiment following US President Donald Trump's extension of the ceasefire with Iran, which has led to uncertainty regarding future negotiations. According to Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, the slight price softening reflects this uncertainty, particularly with no clear timeline for negotiations or confirmation from Iran. The Strait of Hormuz, a vital shipping route for global crude supply, has seen limited shipping activity, further contributing to market volatility. Technical analysis indicates that MCX Crude Oil is currently trading near the ₹8,400 mark, with immediate resistance at ₹8,530 and support at ₹8,200. The near-term outlook remains cautiously bullish, depending on geopolitical developments and macroeconomic data from the US.