Commodities
Oil Prices Plummet 7% as US-Iran Tensions Ease
Crude oil prices plummeted by over 7% after the US and Iran paused their military operations, easing concerns of supply disruptions. This sudden drop in prices has sent shockwaves across global markets.
The Indian rupee also strengthened against the US dollar, appreciating 41 paise to trade at 96.15 per US dollar from its previous day's close of 96.56, marking its strongest start in almost two months.
Despite the decline, analysts noted that geopolitical threats still persist, particularly due to recent attacks by Iran-backed Houthi rebels on Saudi Aramco facilities located near the Red Sea.