On Friday, crude oil prices on the Multi Commodity Exchange (MCX) increased by over 3%, reaching a high of ₹9,222 per barrel, following gains in the international market where Brent crude futures rose to $96.86 a barrel. Despite this surge, crude oil prices are on track for an 11% weekly loss, marking the largest decline since June 2025. The decline is attributed to easing geopolitical tensions, particularly a fragile ceasefire between the US and Iran, which has led to a significant drop in tanker traffic through the critical Strait of Hormuz. Jigar Trivedi, a Senior Research Analyst at IndusInd Securities, noted that while prices initially gained due to Israeli strikes and the closure of the Strait, the ceasefire has shifted market sentiment. He indicated that if US-Iran talks fail, prices could rebound, but successful negotiations may lead to a price correction. Additionally, ongoing attacks on Saudi energy facilities have reduced the kingdom's oil production capacity by approximately 600,000 barrels per day. Analysts predict that MCX crude oil prices may find support in the ₹9,000 - ₹8,800 range, with resistance levels at ₹9,250 - ₹9,400.