AI Generated Image
Oil markets showed mixed signals on Monday, with prices easing slightly but remaining elevated as uncertainty around West Asia continued to influence trading sentiment.
Brent crude was quoted at $107.51 per barrel, down 66 cents or 0.61 per cent, while US West Texas Intermediate (WTI) declined more sharply by $2.83, or 2.77 per cent, to $99.11 per barrel.
Despite the pullback, both benchmarks stayed near the $100 level, reflecting persistent supply concerns.
In India, crude futures on the Multi Commodity Exchange also edged lower. Contracts were trading at Rs 9,621, marking a fall of Rs 44 or 0.45 per cent from the previous session.
The price movement followed remarks by US President Donald Trump, who indicated that Washington could intervene to facilitate the movement of ships through the Strait of Hormuz.
The route remains a critical artery for global oil transport, and restrictions there have disrupted flows in recent days.
President Trump stated that assistance aims to support vessels from countries not directly involved in the conflict.
The broader geopolitical picture remains unresolved. Discussions between the United States and Iran continued over the weekend, with both sides reviewing proposals.
While Washington is pushing for a nuclear deal, Tehran has proposed postponing that element until hostilities ease. It has also called for a relaxation of shipping restrictions in the Gulf.
Separately, supply adjustments from the OPEC+ added another layer to market dynamics.
The group confirmed that seven member countries will increase output by 188,000 barrels per day in June. This marks the third straight monthly expansion.
Even so, analysts believe the additional supply may not immediately offset disruptions linked to the ongoing tensions.
Financial markets responded positively to the softer oil trend. Indian equities traded higher in early deals, while key Asian indices, including Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi, posted gains of up to four per cent, signalling improved risk appetite among investors.
Also Read: Delhi Weather Update: Rainfall Brings Relief From Heat, IMD Forecasts Thunderstorms And Strong Winds
To read more such news, download Bharat Express news apps
