Brent, WTI Crude Slip After Sharp Rally As US-Iran Talks Remain Uncertain

Global crude oil prices moved lower on Tuesday after recording sharp gains in the previous session, as investors continued to monitor conflicting developments surrounding negotiations between the United States (US) and Iran.

International benchmark Brent crude fell around 1 per cent to $94.04 per barrel, while US West Texas Intermediate (WTI) crude declined more than 1 per cent to $91.14 per barrel.

In India, crude oil futures for June delivery traded at Rs 8,708 on the Multi-Commodity Exchange (MCX), down Rs 28 or 0.32 per cent.

During the session, the contract touched an intraday high of Rs 8,751 and a low of Rs 8,690.

The decline followed a volatile trading session in which both Brent and WTI surged nearly 5 per cent before trimming gains.

Traders weighed mixed signals regarding the future of negotiations between Washington and Tehran, which continue to influence global energy markets.

US President Donald Trump stated that he had not received any information suggesting Iran had suspended discussions with Washington and maintained that negotiations were still ongoing.

Separate reports indicated that Tehran had halted indirect talks with the United States, adding to market uncertainty.

Trump expressed optimism about extending the ceasefire and reopening the Strait of Hormuz, even as uncertainty over US-Iran talks persisted.

Lebanon announced a partial ceasefire between Hezbollah and Israel.

The rupee opened slightly weaker at 95.05 against the US dollar.

Indian equities also opened lower, with the Sensex falling 322 points and the Nifty dropping 153 points.

Asian markets were mixed, with losses in Japan and South Korea offset by gains in Hong Kong.

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