Crude oil price today in India, 24 April 2026: Despite the escalation in the US-Iran war and the Strait of Hormuz chokepoint, the crude oil price today in India is trading flat. In the Opening Bell, the crude oil price on MCX today opened lower at ₹9,112 per barrel and touched an intraday high of ₹9,137 per barrel. However, oil prices in India failed to sustain at higher levels after the profit-booking trigger and touched an intraday low of ₹9,083 per barrel within a few minutes of the Opening Bell.
In the international market, the crude oil price is trading upside. The COMEX crude oil price today is up by around 0.80% at $96.63/bbl, while the COMEX Brent crude oil price today is up by 0.85% to around 106/bbl.
Why is the crude oil price rising today?
Speaking on the reason for the rise in crude oil prices in the international market, Anuj Gupta, a SEBI-registered expert, said, “The crude oil prices are expected to remain positive, and the dip in oil prices should be seen as a buying opportunity. After Donald Trump’s decision to choke Strait of Hormuz, tension in the US-Iran war has escalated, which is expected to provide support to crude oil prices.”
“Elevated oil is anchoring inflation expectations and reinforcing the case for a higher interest rate environment, with markets pricing in no rate cuts through 2026, posing a headwind for non‑yielding bullion. Traders now await U.S. jobless claims and S&P Global Flash PMIs for fresh macro cues, though developments on the US–Iran front are expected to remain the primary driver of sentiment in the near term,” Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
The Kotak Securities expert said the move highlights continued volatility and heightened sensitivity to geopolitical headlines. The broader rally has been driven by escalating tensions in the Strait of Hormuz, where Iran’s Islamic Revolutionary Guard Corps (IRGC) reportedly seized two vessels attempting to transit without authorisation and disabled a third near its coastline, raising concerns over potential disruptions at a key global shipping chokepoint.
“Additional support has come from stalled US–Iran diplomatic engagement, with planned peace talks delayed after Vice President JD Vance postponed his trip to Pakistan and Tehran yet to respond to U.S. proposals. Besides, the latest EIA report was mixed but broadly supportive, with a 1.9‑million‑barrel crude build offset by draws in gasoline and distillates, signalling resilient refined‑product demand. Overall, the absence of a clear de‑escalation path and continued uncertainty around maritime security in the Strait of Hormuz are keeping upward pressure on crude benchmarks,” said Kaynat Chainwala of Kotak Securities.
US-Iran war news
According to the news agency AP, US President Donald Trump has ordered the U.S. military to “shoot and kill” Iranian small boats choking the Strait of Hormuz.
In a social media post Thursday morning, he said the military is intensifying its mine-clearing efforts in the critical waterway. The move intensified the U.S.-Iran standoff in the Persian Gulf and raised questions about efforts to end the war.
Later Thursday, Trump said Israel and Lebanon agreed to extend a ceasefire between Israel and Hezbollah by three weeks after talks at the White House. The meeting on Thursday was the second high-level negotiation between the two countries since last week. The initial 10-day ceasefire, which took effect last Friday, had been due to expire Monday.
Meanwhile, the U.S. military said it seized another tanker Thursday associated with smuggling Iranian oil, the Majestic X, in the Indian Ocean, deepening confusion over efforts to end the war. The seizure comes a day after Iran attacked three cargo ships in the Strait of Hormuz, capturing two of them. Ship-tracking data showed the Majestic X in the Indian Ocean between Sri Lanka and Indonesia.
The standoff between the U.S. and Iran has effectively choked off nearly all exports through the Strait of Hormuz, where 20% of the world’s traded oil passes in peacetime, with no end in sight.
“Elevated oil is anchoring inflation expectations and reinforcing the case for a higher interest rate environment, with markets pricing in no rate cuts through 2026, posing a headwind for non‑yielding bullion. Traders now await U.S. jobless claims and S&P Global Flash PMIs for fresh macro cues, though developments on the US–Iran front are expected to remain the primary driver of sentiment in the near term,” said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
(With inputs from AP)
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