Mumbai, April 17: Oil prices fell by nearly 2% on Friday, driven by hopes for reduced tensions in West Asia. This decline follows expectations for an end to the conflict that began on February 28.
Brent crude futures traded at $97.99 per barrel, hitting a day’s low with a drop of over 1%. Meanwhile, U.S. West Texas Intermediate (WTI) crude also saw a decline of about 2%, reaching an intra-day low of $92.91.
Previously, in the last trading session, the global benchmark Brent had surged nearly 5%, closing at $99.39. Similarly, WTI had risen by more than 2%, ending at $93.32.
In the domestic market, prices on the Multi Commodity Exchange (MCX) also fell, dropping by 2.6% to reach ₹8,625.
Traders found relief after the U.S. President announced a 10-day ceasefire between Israel and Lebanon. He also mentioned that Tehran proposed not to develop nuclear weapons for over 20 years.
On the social media platform Truth Social, President Trump expressed hope that Hezbollah would show wisdom during this critical time. He stated, “If this happens, it will be a significant opportunity for them. No more violence; we finally want peace.”
In discussions with the media, he added, “We will see what happens next, but I believe we are quite close to an agreement with Iran.”
Regarding the stock market, global markets displayed mixed trends. The domestic market opened flat with the BSE Sensex and NSE Nifty, although both later showed slight gains.
Asian markets experienced declines, with major indices down by up to 1%. Conversely, Wall Street in the U.S. closed with slight gains, with the Nasdaq up by 0.36% and the S&P 500 index rising by 0.26%.
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