Crude oil futures crashes 6% to hit lower circuit as US-Iran ceasefire cools tensions
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Crude oil prices have dropped sharply after the US and Iran announced a two-week ceasefire, easing tensions and reducing fears of supply disruptions. The ceasefire is expected to restore supply flows through the Strait of Hormuz, a key transit route for nearly one-fifth of global oil shipments.
Crude oil prices fell by 6% to hit their lower circuit level in futures trade. The decline was due to weak global benchmarks after the US-Iran ceasefire announcement. On the Multi Commodity Exchange, crude oil futures for April delivery slumped to ₹10,029 per barrel. Globally, oil prices retreated with West Texas Intermediate crude futures tumbling by USD 17.11 to USD 95.84 per barrel. The ceasefire is expected to restore supply flows through the Strait of Hormuz. The US and Iran agreed to a two-week ceasefire, easing concerns over supply disruptions.
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