New Delhi, April 1: International crude oil prices saw a decline on Wednesday, slipping nearly 3 percent from their daily highs due to easing tensions between the U.S. and Iran.
Brent crude futures fell from a peak of $105.86 per barrel to an intraday low of $102.79, marking a decrease of approximately 2.9 percent. As of the time of writing, Brent was trading down about 1 percent at $103.19 per barrel.
Similarly, U.S. West Texas Intermediate (WTI) crude also dropped 2.19 percent from its intraday high of $103.31, trading around $101.25 per barrel.
This decline followed a significant surge in oil prices earlier in the day. In morning trading, Brent rose by 1.81 percent to reach $105.86, while WTI increased by 1.90 percent to $103.31.
Analysts noted that the market remains volatile due to shifting geopolitical signals and economic conditions. They indicated that market sentiment improved following U.S. President Donald Trump’s suggestion that the U.S. could exit the conflict within the next 2-3 weeks. Iran has also expressed a willingness to de-escalate tensions under certain conditions. However, uncertainty remains regarding the timing and nature of any agreement, alongside concerns about potential supply disruptions in the Strait of Hormuz.
Additionally, analysts reported a rise in gold and silver prices following a weakening dollar, but global uncertainty and mixed economic signals from the U.S. and China continue to support crude oil prices.
During March, oil prices largely remained above $100 per barrel, primarily due to disruptions in the Strait of Hormuz, through which approximately 20 percent of the world’s crude oil passes.
The fluctuations in oil prices followed Trump’s statement indicating that tensions with Iran could ease soon, potentially without the need for a formal agreement.
Experts suggest that while some profit-taking has occurred due to the easing geopolitical tensions, uncertainty regarding resolutions and supply risks keeps prices elevated.
Meanwhile, domestic stock markets reacted positively to these signals, with the Sensex and Nifty climbing nearly 3 percent in early trading, in line with global trends.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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