Crude oil futures tumble 18 pc on US-Iran ceasefire; global benchmarks below USD 100/barrel
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Crude oil prices have plummeted by 18% to Rs 8,775 per barrel in futures trade after the US and Iran agreed to a two-week ceasefire. Global crude oil markets also mirrored the selloff, with prices slipping below USD 100 a barrel in Asian trading hours on Wednesday.
Crude oil prices fell sharply after the US and Iran agreed to a ceasefire. The price dropped by 18% to Rs 8,775 per barrel. The ceasefire led to a decrease in geopolitical risk premium, triggering heavy selling by traders. Global crude oil markets also saw a decline, with prices falling below USD 100 a barrel. The West Texas Intermediate crude futures for May delivery plummeted by USD 16.28 to USD 96.67 per barrel. The decline in oil prices is expected to restore supply flows through the Strait of Hormuz.
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