Crude Oil Price Prediction for Tomorrow, 16 July 2026: MCX Crude Extends Rally, Up 1.91 Percent to Rs 7,729

Crude oil price prediction for tomorrow: MCX Crude Oil July futures extended their rally to close at Rs 7,729 on Wednesday, up 1.91 percent, as Brent crude closed at its highest level since 12 June for a second consecutive session after Iran shut the Strait of Hormuz again and struck two more oil tankers. This crude oil price prediction for tomorrow is built on Friday, 10 July 2026's closing data, the last completed session before markets reopen on Monday, 13 July 2026.

Ankit Jaiswal, Senior Research Analyst at Univest, notes that the crude oil price prediction for tomorrow now reflects a genuinely sustained, multi-day escalation rather than a single-day spike, since Wednesday marks the third straight session of gains and the second consecutive close at a fresh one-month high for Brent.

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Market Recap Behind the Crude oil price prediction for tomorrow

Crude oil opened at Rs 7,721, touched a high of Rs 7,797 and closed at Rs 7,729, extending Tuesday's sharp surge for a third straight session. Brent crude traded near 86.19 dollars a barrel, up 1.72 percent, while WTI crude rose 1.4 percent to around 80.40 dollars, both closing at their highest levels since 12 June for the second consecutive session.

Crude oil price prediction for tomorrow: Trend and Key Levels

Trend: Bullish Above Rs 7,600

Level Type	Value
Support 1	Rs 7,600
Support 2	Rs 7,450
Resistance 1	Rs 7,800
Resistance 2	Rs 7,950

Ankit Jaiswal flags Rs 7,600 as the key support for the crude oil price prediction for tomorrow, with Rs 7,800 as the first resistance. A close above Rs 7,950 would confirm the market is pricing in a sustained, multi-week disruption, while a break under Rs 7,450 would suggest the current rally is finally losing steam.

A Third Straight Session of Escalation for Crude Tomorrow

Iran's decision to shut the Strait of Hormuz again on Wednesday morning, following fresh US sanctions on Iranian ports, and its Revolutionary Guard's missile strikes on two more tankers, represent a continuation rather than a one-off spike in hostilities. The crude oil price prediction for tomorrow depends heavily on whether this pattern of repeated closures and strikes continues into a fourth session, or whether the situation begins to stabilise even without a formal resolution.

Key Triggers in the Crude oil price prediction for tomorrow

These triggers dominate the outlook heading into Monday, 13 July 2026:

• Further naval incidents: A fourth straight session of escalation would likely push crude toward fresh multi-month highs.
• Actual shipping disruption levels: Whether the repeated strait closures are meaningfully reducing oil flow remains the most important real-time indicator.
• Diplomatic intervention: Any sign of international mediation would be the clearest de-escalation trigger after three sessions of sustained gains.

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Related Energy Markets to Watch

Natural gas and Indian energy equities are worth tracking alongside the crude oil price prediction for tomorrow for a fuller picture.

Natural Gas: MCX Natural Gas jumped 1.40 percent on Wednesday, its best session in weeks, now moving on its own weather-driven fundamentals.

Reliance Industries: India's largest energy conglomerate rose just 0.19 percent on Wednesday, continuing to lag crude's sharp multi-day rally.

Risks to the Crude oil price prediction for tomorrow

These factors can invalidate this outlook:

• Sudden de-escalation: Any diplomatic breakthrough would quickly unwind a meaningful part of the past three sessions' gains.
• Demand destruction: Sustained prices near 86 dollars a barrel could eventually dent global oil demand.
• Overextended multi-day rally: After three straight up sessions, some profit booking or consolidation would not be unusual.

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Conclusion

The crude oil price prediction for tomorrow, 16 July 2026, is bullish above Rs 7,600, after Wednesday marked a third straight session of gains and a second consecutive close at a fresh one-month high for Brent. Ankit Jaiswal flags Rs 7,600 as the key support in the crude oil price prediction for tomorrow, with further naval incidents or diplomatic intervention the decisive factors heading into Thursday.

FAQs on the Crude oil price prediction for tomorrow

What is the crude oil price prediction for tomorrow, 16 July 2026?

Ans. The crude oil price prediction for tomorrow, 16 July 2026, is bullish above Rs 7,600. MCX Crude Oil July futures closed at Rs 7,729 on Wednesday, up 1.91 percent, a third straight session of gains as Brent hit a fresh one-month high.

Which analyst gave the crude oil price prediction for tomorrow?

Ans. Ankit Jaiswal, Senior Research Analyst at Univest, has shared the crude oil price prediction for tomorrow, flagging Rs 7,600 as the key support level.

Why did crude oil rise for a third straight session?

Ans. Crude oil extended its rally for a third straight session after Iran shut the Strait of Hormuz again on Wednesday morning and struck two more oil tankers, following fresh US sanctions on Iranian ports. The crude oil price prediction for tomorrow treats this repeated pattern as a genuinely sustained escalation rather than an isolated spike.

Is crude oil expected to rise further on Thursday?

Ans. The crude oil price prediction for tomorrow leans bullish above Rs 7,600, since Wednesday marked the third consecutive session of Hormuz-related escalation, though a diplomatic breakthrough or a fourth session without fresh incidents could see the rally finally pause.