Crude oil exhibited significant volatility as prices surged following Iran's seizure of an oil tanker and the U.S. launching an airstrike on Houthi-controlled areas. On Thursday, Iran seized a tanker carrying Iraqi crude bound for Turkey, retaliating against the U.S.'s confiscation of the same vessel and its oil last year, as reported by Iranian state media. Subsequently, the U.S. military conducted airstrikes in multiple Houthi-controlled regions of Yemen, according to media reports. The heightened tensions in the Middle East bolstered crude oil prices, counteracting the impact of the surge in U.S. inflation. Anticipating ongoing geopolitical tensions, we project crude oil prices to remain volatile in today's session. Crude oil finds support in the range of $73.10–72.40, with resistance expected at $74.65–75.10 for the current session. In terms of Indian Rupees (INR), crude oil is supported at Rs 5,940–5,870, while resistance is observed at Rs 6,110–6,190.
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