Crude Oil Price Prediction for Tomorrow, 23 July 2026: MCX Crude Surges 4.88 Percent to Rs 8,548 as Brent Tops 92 Dollars

Crude oil price prediction for tomorrow: MCX Crude Oil August futures surged to close at Rs 8,548 on Wednesday, up 4.88 percent, its sharpest single-day gain in weeks, as Brent crude crossed 92 dollars a barrel, a five-week high, following the most severe escalation of the regional conflict since it began. 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 qualitatively different level of risk, since Iranian drones striking Kuwait’s oil facilities directly, Iran retaliating against three separate countries, and the last remaining safe shipping route now under threat too, together represent a genuinely severe escalation beyond anything seen earlier this week.

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Market Recap Behind the Crude oil price prediction for tomorrow

Crude oil opened at Rs 8,231, touched a high of Rs 8,577 and closed at Rs 8,548, holding almost all of its sharp intraday gains through the close. The US military confirmed its 11th straight night of strikes against Iran, targeting operation centres, maritime assets and drone facilities, while API data separately showed US crude inventories actually increased last week, a bearish supply signal overwhelmed entirely by the shipping route fears.

Crude oil price prediction for tomorrow: Trend and Key Levels

Trend: Bullish Above Rs 8,350

Level Type	Value
Support 1	Rs 8,350
Support 2	Rs 8,150
Resistance 1	Rs 8,600
Resistance 2	Rs 8,800

Ankit Jaiswal flags Rs 8,350 as the key support for the crude oil price prediction for tomorrow, with Rs 8,600 as the first resistance. A close above Rs 8,800 would confirm the market is pricing in a genuinely severe, sustained multi-front conflict, while a break under Rs 8,150 would suggest Wednesday’s spike is beginning to fade.

No Safe Route Left: Why This Escalation Is Different

Ankit Jaiswal flags this as the defining theme in the crude oil price prediction for tomorrow: after ceasefire talks collapsed last week, Saudi crude had been rerouting through the Bab el-Mandeb Strait as shipping through Hormuz declined, but that alternate route is now itself under threat of blockade by Iran’s Houthi allies. With Iranian drones also striking Kuwait directly and Iran retaliating against Bahrain and Jordan, the market is now pricing in a genuinely multi-front conflict with no clearly safe shipping corridor remaining, a materially different risk than the earlier, more contained incidents.

Key Triggers in the Crude oil price prediction for tomorrow

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

• Whether the Bab el-Mandeb threat materialises: The single biggest swing factor, since this would represent a genuine loss of the last safe shipping route.
• Further country-level retaliation: Any additional nations drawn into direct conflict would extend the current risk premium further.
• Whether the US strikes continue into a 12th night: Would confirm the underlying conflict remains far from any resolution.

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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: Rose a more modest 1.31 percent on Wednesday, confirming crude’s own move is genuinely its own story.

Reliance Industries: Reliance Industries fell 1.16 percent on Wednesday, extending its own post-results pullback even as crude oil surged.

Risks to the Crude oil price prediction for tomorrow

These factors can invalidate this outlook:

• Sudden de-escalation: Any diplomatic breakthrough across the multiple active fronts would quickly unwind a meaningful part of Wednesday’s spike.
• Demand destruction concerns: Sustained prices above 92 dollars a barrel could eventually start denting global oil demand estimates.
• Overextension: After the sharpest single-day gain in weeks, some profit booking would not be unusual once trading resumes.

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Conclusion

The crude oil price prediction for tomorrow, 23 July 2026, is bullish above Rs 8,350, after Wednesday’s surge to a five-week Brent high on the most severe escalation of the regional conflict yet, with the last safe shipping route itself now under threat. Ankit Jaiswal flags Rs 8,350 as the key support in the crude oil price prediction for tomorrow, with whether the Bab el-Mandeb threat materialises the decisive factor heading into Thursday.

FAQs on the Crude oil price prediction for tomorrow

What is the crude oil price prediction for tomorrow, 23 July 2026?

Ans. The crude oil price prediction for tomorrow, 23 July 2026, is bullish above Rs 8,350. MCX Crude Oil August futures closed at Rs 8,548 on Wednesday, up 4.88 percent, as Brent crossed 92 dollars a barrel, a five-week 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 8,350 as the key support level.

Why did crude oil surge nearly 5 percent on Wednesday?

Ans. Crude oil surged as Iranian drones struck oil facilities in Kuwait and Iran retaliated against sites in Bahrain, Kuwait and Jordan, while the alternate Bab el-Mandeb shipping route that Saudi crude had been using since Hormuz traffic collapsed is now itself under threat of Houthi blockade, a genuinely severe multi-country escalation with no clearly safe shipping route remaining.

Is crude oil expected to rise further on Thursday?

Ans. The crude oil price prediction for tomorrow leans bullish above Rs 8,350, since this represents the most severe escalation of the conflict yet, though any diplomatic breakthrough across the multiple active fronts could quickly reverse part of Wednesday’s sharp spike.