Crude Oil Prices Slide Amid Global Geopolitical Shifts
Crude oil prices decreased by 2.11% on Friday, settling at Rs 8,808 per barrel. The decline follows potential additional Iranian supply and US-Iran diplomatic shifts. However, geopolitical tensions in the region persist, including potential tolls on the Strait of Hormuz, creating market uncertainties even as prices experience a temporary relief.
- Country:
- India
Crude oil prices took a dive on Friday, dropping Rs 190 to close at Rs 8,808 per barrel in futures trade. This decline comes amid anticipations of increased Iranian oil supplies, notwithstanding the continued geopolitical tensions in West Asia.
On the Multi Commodity Exchange, crude oil for April delivery marked an end to its three-day rally, as analysts highlighted the impact of softened geopolitical risks. West Texas Intermediate (WTI) and Brent futures also saw declines, trading at USD 93.70 and USD 108.28 per barrel, respectively.
Analysts, however, maintain cautious optimism, given the precarious situation in the Strait of Hormuz where Iran may impose transit fees, significantly influencing global markets. Despite these developments, commodity experts suggest crude oil prices will remain on the bearish side in the short term.
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