Crude oil futures on the Multi Commodity Exchange (MCX) have jumped 19% this week, with the May contract trading at around ₹9,200 per barrel. This surge is attributed to rising geopolitical tensions in the Middle East, particularly concerning the Strait of Hormuz, which has historically accounted for about 20% of global oil production. The situation escalated after Iran seized two cargo ships, raising concerns about potential military conflict and supply disruptions. Global benchmarks also saw significant increases, with Brent crude rising 18% and West Texas Intermediate (WTI) climbing 15% over the week. Analysts like Hareesh V from Geojit Investments and Ponmudi R from Enrich Money emphasize the importance of geopolitical developments in shaping market sentiment. They note that a sustained breakout above ₹9,250 could push prices towards ₹9,400 to ₹9,580, while immediate support is seen at ₹9,020. The outlook remains cautiously bullish, contingent on evolving geopolitical dynamics.