Oil near $100 as Middle East tensions keep markets on edge

Crude oil prices hovered near $100 per barrel in early Friday trade, supported by renewed supply concerns following fresh attacks on Saudi energy infrastructure and ongoing disruptions in the Strait of Hormuz. Despite being on track for a weekly decline of over 10% after the U.S.?Iran ceasefire, persistent geopolitical risks and uncertainty around the truce kept market sentiment cautious. MCX crude futures climbed over 4% to ₹9295 per barrel, reflecting domestic strength. Investor focus has now shifted toward upcoming diplomatic engagements, particularly the US-Iran talks, which could play a crucial role in shaping near-term price direction. At the same time, continued Israeli operations and uncertainty around tanker flows through Hormuz are likely to keep volatility elevated. Additionally, attention remains on the US CPI data, which may offer insights into inflationary spillovers from elevated energy prices and influence the broader macro outlook.

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