Global crude oil prices saw a decline on Tuesday following recent gains, with Brent crude trading around $94.04 per barrel, down 1%, and US West Texas Intermediate (WTI) crude dropping over 1% to $91.14 per barrel. In the domestic market, crude oil futures for June delivery on the Multi Commodity Exchange (MCX) were at Rs 8,708, a decrease of Rs 28 or 0.32%.
The previous session witnessed a surge of approximately 5% in both benchmarks before a slight pullback, as traders evaluated mixed signals regarding the US-Iran negotiations. US President Donald Trump mentioned that talks with Iran were ongoing, despite reports indicating a pause in indirect negotiations. Trump expressed optimism for an agreement to extend the ceasefire and reopen the Strait of Hormuz within a week.
Lebanon declared a partial ceasefire between Hezbollah and Israel, while the Indian rupee opened at 95.05 against the US dollar. Geopolitical tensions and concerns over a weak monsoon forecast led to a lower opening in domestic equity markets. The Sensex began at 73,945.20, down 322 points, and the Nifty started at 23,229.15, a decrease of 153.45 points.
Asia stocks displayed a mixed trend, with the Nikkei down 2%, South Korea’s KOSPI slipping nearly 3%, and Hong Kong’s Hang Seng trading approximately 1% higher.
