Trump's Iran U-Turn Shocks Oil Markets, Prices Plummet Over 6%
US President Donald Trump's decision to call off military strikes against Iran has led to a sharp decline in crude oil prices. The MCX Crude Oil futures fell by over 6% to ₹7,619 per barrel, marking its lowest level in three weeks. This move comes after Trump announced that negotiations with Iran would resume from Monday.
The Brent Futures price dropped 4.8% to $83.6 per barrel, while the WTI Crude traded 5.7% lower at $79.7. The sharp drop in oil prices has eased concerns over persistent inflation, which had been a major worry for investors.
The technical outlook for MCX Gold and Silver shows that they are trading near their respective support zones. MCX Gold is stuck in a narrow range near ₹1,41,950, while MCX Silver has recovered from its support zone of ₹2,15,249 but still needs to break above the resistance level of ₹2,20,700.