New Delhi, April 24 -- Crude oil futures on the Multi Commodity Exchange (MCX) saw a slight increase today (Friday, 24 April), mirroring strong global trends. The May contract was trading at approximately Rs.9,200 per barrel, up Rs.25 or roughly 0.27% in early trading. During the session, the contract fluctuated within a range of Rs.9,033 to Rs.9,249, reflecting mild volatility. On MCX, crude oil prices rose 19% this week.

Passage through the strait, which previously accounted for around 20% of global oil production before the conflict, is essentially blocked. The seizure of two cargo ships by Iran underscored Washington's challenges in managing the route.

Brent crude futures increased by $1.93, or 1.8%, reaching $107 a barrel at 0805 G...