On May 7, 2023, crude oil prices showed signs of recovery after significant declines the previous day. Brent crude futures increased by 0.9%, reaching $102.15 per barrel, while US West Texas Intermediate crude rose 1.2% to $96.20 per barrel. This stabilization follows a drop of over 7% on May 6, as investors assessed the potential for a peace agreement between the US and Iran, which could influence oil supply dynamics. US President Donald Trump indicated that direct talks with Iran might be premature, while Iranian officials described US proposals as unrealistic. Analysts suggest that Brent crude is likely to remain within a $100–$118 range, reflecting ongoing geopolitical tensions and supply constraints. Technical analysis indicates that MCX crude oil prices are currently at ₹9,040 per barrel, with immediate support at ₹9,400. A sustained move above ₹9,650–₹9,700 could shift the market sentiment, while a drop below ₹9,400 may lead to further declines.