Global crude oil prices fell on Tuesday after recent gains, as talks between the United States and Iran raised hopes for reduced tensions. Brent crude futures dropped 1.31% to $94.22 per barrel, while US West Texas Intermediate (WTI) traded at $85.5, down 2.19% from the previous close. Both benchmarks had surged on Monday following Iran’s closure of the Strait of Hormuz.
On the domestic front, crude oil on the Multi Commodity Exchange (MCX) was down 1.75% at Rs 8,040. The United States had seized an Iranian cargo vessel as part of its port blockade. However, Iran’s top negotiator, Mohammad Baqer Qalibaf, stated that Tehran would not negotiate under pressure.
President Donald Trump expressed optimism about a new nuclear deal with Iran, believing it would surpass the 2015 agreement. Meanwhile, domestic stock markets showed positive trends, with Sensex and Nifty rising nearly 1%, and the Sensex crossing the 79,000 mark. In global markets, Wall Street closed slightly lower, while Asian shares had a mixed performance.
