Crude oil is trading at $98.54 (₹8,475) per barrel, down around 3% in 24 hours after a sharp run higher. The pullback comes as the market digests one of its most volatile stretches in recent history, with crude's volatility running at roughly 2.2× its own 14-day baseline.

The move is bigger than a normal daily swing. The ATR(14) is around 3.5% of price, equivalent to roughly $3.45 (₹297) per barrel at the current level, while crude's three-day price range sits in the top 3% of its historical range.

That means the next few sessions could remain unusually active. Rather than chasing the latest move, traders may want to watch whether crude can stabilise after the sharp pullback or whether another large swing follows.

Ready to act on these levels?

▼ Support

$95.00 ₹8,170

▲ Resistance

$102.50 ₹8,815

If crude holds above $95.00 (₹8,170) despite the recent pullback, buyers could attempt to push the price back towards $102.50 (₹8,815). A return above that level would put the recent surge back in focus and could keep momentum elevated.

If crude slips below $95.00 (₹8,170), the current correction could extend towards $91.50 (₹7,870). With volatility already running far above normal, a support break could produce a larger move than usual over the following sessions.

Middle East supply disruption

The main catalyst for crude remains the threat of prolonged disruption to Middle Eastern oil flows. Recent attacks involving shipping and continued US-Iran tensions have kept traders concerned about supplies moving through key regional routes. WTI recently moved above $100 before pulling back, while both major benchmarks remained on track for a strong weekly gain.

For the next few days, any meaningful change in the supply situation could quickly shift the balance between buyers and sellers.

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