Global Oil Prices Plummet 5% as US-Iran Strikes Halted
The global crude oil prices declined by 5% on Monday after the US and Iran paused strikes over the weekend. The Brent crude price dropped $4.89, or 5.05%, to trade around $91.89 at 0009 GMT. This decline was a result of market sentiment being supported by reports that Pakistan and Iran were exploring new peace talks with the U.S.
The state-run oil marketing companies (OMCs) in India set retail fuel rates, which remained steady despite global crude prices hovering around $92. The petrol and diesel prices in Delhi stood at ₹102.12 and ₹95.20 respectively, while in Mumbai it was ₹112.40 and ₹99.03.
The tit-for-tat strikes between the US and Iran over the past half month have thinned traffic movement through the Strait of Hormuz. The renewal of disruptions in energy supply after signing of peace deal on 17 June caused Brent to cross $100 per barrel mark when the conflict intensified.