International crude oil benchmarks saw a 2% decline on Friday as optimism grew regarding a resolution to the West Asia conflict that started on February 28. Brent crude futures hit an intra-day low of $97.99 per barrel, falling over 1%. Similarly, US West Texas Intermediate (WTI) crude dropped nearly 2% to an intra-day low of $92.91.
In the previous session, the global benchmark settled around 5% higher at $99.39, while US WTI finished over 2% higher at $93.32. On the domestic Multi Commodity Exchange (MCX), crude oil fell by as much as 2.6% to Rs 8,625.
Traders reacted positively to the US President’s announcement of a 10-day ceasefire between Israel and Lebanon. The President also mentioned that Tehran had offered to abstain from possessing nuclear weapons for over 20 years. Trump expressed hope for peace and urged Hezbollah to act responsibly during this crucial period.
Addressing the media, Trump stated, “We will see how things unfold, but I believe we are very close to a deal with Iran.” Equities markets showed mixed trends globally, with domestic benchmark indices Sensex and Nifty opening flat on Friday. Asian markets traded in the negative territory, with major indices down by up to 1%.
In the US, Wall Street closed with modest gains, as the Nasdaq rose by 0.36% and the S&P 500 by 0.26%.
