Global oil prices traded lower on Friday after the United States signalled a possible easing of sanctions on Iranian crude, as efforts intensified to secure shipping through the Strait of Hormuz.
Brent crude futures fell as much as 3.39 per cent to an intra-day low of $104.96 per barrel, while US WTI crude futures declined 3.22 per cent to $92.47, also hitting intra-day lows.
The decline followed remarks by US Treasury Secretary Scott Bessent, who indicated that Washington may consider easing restrictions on Iranian oil already at sea to help cool global prices.
In an interview, he said the US could ‘unsanction’ around 140 million barrels of Iranian oil currently on the water in the coming days. He added that authorities have allowed Iranian crude to continue flowing out of the Gulf and may explore further flexibility depending on market conditions.
Bessent also clarified that the US is not targeting Iran’s energy infrastructure and retains multiple levers to influence global oil supply.
Despite the recent dip, crude prices have surged sharply amid geopolitical tensions.
Brent crude surged nearly 40 per cent as the West Asia conflict entered its third week, but has eased slightly on de-escalation hopes, though prices remain high and pressure the Indian rupee.
Meanwhile, equity markets rebounded with the BSE Sensex and Nifty 50 rising over 1 per cent, while global markets stayed mixed with the S&P 500 and Nasdaq Composite ending lower.
Also Read: Rupee Hits Record Low Of 93.12 Against US Dollar On West Asia Tensions
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