Crude Oil Price Remains Flat in India Despite US-Iran War Tensions

The crude oil price in India remained flat on 24 April 2026, despite the escalating tensions in the US-Iran war. 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 contrast, the international market saw a rise in crude oil prices. 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.

The rise in crude oil prices can be attributed to the escalating tensions in the US-Iran war. The Strait of Hormuz chokepoint has become a major concern, with Iran's Islamic Revolutionary Guard Corps (IRGC) reportedly seizing two vessels attempting to transit without authorization and disabling a third near its coastline. This has raised concerns over potential disruptions at a key global shipping chokepoint.

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Experts believe that the dip in oil prices is a buying opportunity. "The crude oil prices are expected to remain positive, and the dip in oil prices should be seen as a buying opportunity," said Anuj Gupta, a SEBI-registered expert.

The broader rally has been driven by escalating tensions in the Strait of Hormuz. 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.

The US-Iran war 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. The US military has intensified its mine-clearing efforts in the critical waterway, and the situation remains uncertain.

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Traders are now awaiting 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.