Commodities
Oil Prices Slide on Hopes of Strait of Hormuz Reopening
Crude oil prices plummeted by 2% to ₹8,633 as hopes of reopening the Strait of Hormuz eased concerns over prolonged disruptions to Middle East supplies. Iran has signaled that it could reopen the critical shipping route within seven days if its demands are met.
Saudi Arabia's plans to resume exports from its Red Sea port of Yanbu added pressure on prices, further reducing expectations of a prolonged disruption to global crude flows.
US crude inventories showed mixed signals, with stocks in the Strategic Petroleum Reserve falling to 284.6 million barrels last week, their lowest level since October 1982.