Crude Oil Prices Fall Up To 2% On Easing West Asia Tensions

Global crude oil prices dropped by up to 2 per cent on Friday, reflecting easing concerns over geopolitical tensions in West Asia.

The decline comes amid growing optimism that the conflict, which began in late February, may move towards de-escalation.

Brent crude futures slipped to around $97.99 per barrel, marking a decline of over 1 per cent during early trading. US West Texas Intermediate (WTI) crude fell nearly 2 per cent, touching an intra-day low of $92.91.

Despite the dip, both benchmarks had recorded gains in the previous session, with Brent settling near $99.39 and WTI closing above $93.

On the domestic front, crude oil prices on the Multi Commodity Exchange (MCX) also weakened, falling by as much as 2.6 per cent to ₹8,625, tracking global trends.

Market sentiment improved after the US President announced a proposed 10-day ceasefire between Israel and Lebanon. He also indicated that Tehran had signalled willingness to refrain from pursuing nuclear weapons for an extended period, raising hopes of a broader diplomatic breakthrough.

In remarks shared on social media and to the press, he expressed optimism about a possible agreement with Iran, urging restraint and peace during this critical period.

Equity markets, however, showed mixed trends. In India, benchmark indices Sensex and Nifty opened on a flat note, reflecting cautious investor sentiment.

Asian markets traded lower, with key indices declining by up to 1 per cent. In contrast, US markets ended on a mildly positive note, with the Nasdaq gaining 0.36 per cent and the S&P 500 rising 0.26 per cent.

Overall, the easing of geopolitical tensions has provided temporary relief to oil markets, though investors remain watchful of further developments in the region.

Also Read: Global Crude Prices Fall For Second Day On US-Iran Talks Hopes