Commodities
Trump's Comments on Iran Spark Crude Oil Price Decline
Crude oil futures fell on Thursday after US President Donald Trump hinted at limited action against Iran. On the Multi Commodity Exchange (MCX), crude oil contracts for July delivery declined Rs 110, or 1.56 per cent, to Rs 6,963 per barrel.
The August contract also fell Rs 108, or 1.53 per cent, to Rs 6,970 per barrel. Traders pointed out that weak global benchmarks triggered profit-booking in crude oil after the recent sharp rally.
In a statement at the NATO Summit in Ankara, Turkiye, Trump said he did not believe Washington and Tehran would return to full-scale war. However, Iran warned it could close the Strait of Hormuz and respond with overwhelming force if attacked again.