US Eases Iran Sanctions Hints, Global Oil Prices Dip
Global oil prices declined on Friday after the United States indicated a potential easing of sanctions on Iranian crude. US Treasury Secretary Scott Bessent said Washington may consider 'unsanctioning' around 140 million barrels of Iranian oil currently at sea.
The drop in oil prices followed remarks by Bessent, who clarified that the US is not targeting Iran's energy infrastructure and retains multiple policy tools to influence global oil supply. Brent Crude futures fell as much as 3.39 per cent to an intra-day low of $104.96 per barrel, while West Texas Intermediate (WTI) crude declined 3.22 per cent to $92.47.
Brent crude has risen nearly 40 per cent amid ongoing tensions in the region. Analysts said prices have moderated slightly on signs of possible de-escalation, but remain elevated, exerting pressure on the Indian rupee.