Crude Oil Futures Plummet to Three-Week Low Amid US-Iran Negotiations

Crude oil futures tumbled to a three-week low on Monday as renewed hopes of US-Iran negotiations eased concerns over supply disruptions from West Asia.

The August contract for crude futures on MCX fell 7.2% to Rs 7,530 per barrel, while the September contract declined by nearly 6% to Rs 7,378 per barrel.

Market participants reassessed the risk of prolonged disruptions to crude supplies from West Asia after US President Donald Trump said talks with Iran would resume.

The retreat in domestic prices tracked a broad-based selloff in global markets, with Brent oil futures for October delivery plunging 7.3% to $81.55 per barrel on the Intercontinental Exchange.

WTI crude oil fell sharply and slipped below the $80 per barrel mark, with futures on the New York Mercantile Exchange falling by nearly 7% to $78.78 per barrel.