Crude oil prices slip as West Asia tensions ease temporarily
Global crude oil prices experienced a decline of up to 2 percent on Friday, as tensions in West Asia showed signs of easing. The international benchmark Brent crude futures dropped to $97.99 per barrel, marking a more than 1 percent decrease during early trading. Meanwhile, the US West Texas Intermediate (WTI) crude fell nearly 2 percent to an intra-day low of $92.91.
The previous trading session had seen a significant rise, with Brent crude settling around 5 percent higher at $99.39 and WTI crude finishing over 2 percent higher at $93.32. On the domestic Multi Commodity Exchange (MCX), crude oil prices slipped as much as 2.6 percent to Rs 8,625.
The market sentiment improved following the US President's announcement of a 10-day ceasefire between Israel and Lebanon. The President also noted that Tehran had offered to refrain from possessing nuclear weapons for more than 20 years. He expressed hope that Hezbollah would act responsibly during this period, stating, 'I hope Hezbollah acts nicely and well during this important period of time. It will be a GREAT moment for them if they do. No more killing. We must finally have PEACE! Thank you for your attention to this matter,' on the social media platform Truth Social.
In a media briefing, the former President mentioned the possibility of a deal with Iran, saying, 'We will see how things unfold, but I believe we are very close to a deal with Iran.' On the equities front, global markets showed mixed trends, with Asian indices down up to 1 percent and US markets ending mildly positive.