India
oi-Prakash KL
Global crude oil prices showed signs of cooling on Friday morning, easing towards the $96 per barrel (bbl) mark after a turbulent week driven by geopolitical tensions in West Asia.
The shift comes after Israel signalled its willingness to begin direct negotiations with Lebanon following recent military strikes. At the same time, US President Donald Trump announced a two-week ceasefire deal, offering some relief to global markets that had been rattled by fears of supply disruptions.
Global crude oil prices eased towards $96/bbl on Friday morning after geopolitical tensions in West Asia showed signs of cooling following reports of potential negotiations and a US-announced ceasefire deal.
Prices retreat after nearing $100
On Thursday, Brent crude surged to $99.5 per barrel, coming close to the key psychological level of $100. The spike was largely driven by uncertainty surrounding oil supply routes, especially amid reports that Iran was restricting the movement of oil tankers through the Strait of Hormuz-a critical passage for global oil trade.
Meanwhile, US benchmark West Texas Intermediate (WTI) crude remained highly volatile. It climbed sharply to $102.64 per barrel during Thursday’s session after opening at $96.63, reflecting nervous investor sentiment.
Oil prices today (April 10, 8:30 am IST)
As of early Friday trading, prices stabilised slightly:
| Futures & Indexes | Last | Change | % Change | Last Updated |
|---|---|---|---|---|
| WTI Crude | 98.72 | +0.85 | +0.87% | (10 Minutes Delay) |
| Brent Crude | 96.58 | +0.66 | +0.69% | (10 Minutes Delay) |
| Murban Crude | 99.62 | +1.98 | +2.03% | (15 Minutes Delay) |
| Natural Gas | 2.673 | +0.003 | +0.11% | (10 Minutes Delay) |
| Gasoline | 3.013 | +0.012 | +0.40% | (11 Minutes Delay) |
| Heating Oil | 3.973 | +0.036 | +0.92% | (13 Minutes Delay) |
Data indicates that Brent crude futures were trading at $96.58 per barrel, up marginally by 0.09% compared to the previous close of $96.40. Similarly, WTI crude rose to $98.71 per barrel, gaining 0.88% from its earlier closing price.
Broader Commodity Trends
Other crude benchmarks and energy products showed mixed trends, reflecting the ongoing uncertainty in the market:
| Commodity | Last | Change | % Change |
|---|---|---|---|
| WTI Midland | 102.55 | +3.54 | +3.58% |
| Mars | 119.83 | +4.90 | +4.26% |
| OPEC Basket | 107.00 | -17.12 | -13.79% |
| DME Oman | 98.37 | -20.25 | -17.07% |
| Mexican Basket | 106.89 | -0.13 | -0.12% |
| Indian Basket | 115.52 | -20.11 | -14.83% |
| Urals | 120.16 | -4.69 | -3.76% |
| Western Canadian Select | 82.06 | -18.54 | -18.43% |
| Commodity | Last | Change | % Change |
|---|---|---|---|
| Dubai Crude | 104.15 | -14.90 | -12.52% |
| Brent Weighted Avg | 93.91 | -15.71 | -14.33% |
| Louisiana Light | 122.58 | +0.57 | +0.47% |
| Ethanol | 1.925 | -0.025 | -1.28% |
| Dutch TTF Gas | 15.56 | -2.54 | -14.02% |
| LNG Japan/Korea Marker | 19.49 | -0.38 | -1.89% |
What is driving oil prices?
The primary factor influencing oil prices remains geopolitical tension in West Asia. Concerns over potential supply disruptions through the Strait of Hormuz have kept traders on edge. Even with a ceasefire announcement, uncertainty persists due to ongoing military developments involving Israel and Lebanon.
Investor sentiment has also been shaped by fears that Iran may continue to restrict oil tanker movements, tightening global supply.
Weekly outlook remains weak
Despite Friday’s slight recovery, reports suggest oil prices may register their worst weekly performance since June 2025. The market has been highly volatile throughout March 2026, with sharp swings driven by geopolitical developments rather than purely economic fundamentals.
For everyday consumers, this volatility could translate into fluctuating fuel prices in the coming days, depending on how the global situation unfolds.
