Against the ongoing developments in West Asia talks, crude oil futures traded higher on Thursday morning. Oil prices slide sharply after reports suggested that the US and Iran are about reach an agreement aimed at ending the war.
July Brent oil futures were at $101.95, up by 0.67 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $95.73, up by 0.68 per cent. May crude oil futures were trading at ₹9074 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹9017, up by 0.63 per cent, and June futures were trading at ₹8762 against the previous close of ₹8724, up by 0.44 per cent.
Meanwhile, India that used to procure oil from Russia amped up its requirements amidst the shortage in supply and is also paying a substantial premium for the Russian oil rather than the regular.
Global energy market likewise is scrambled with the vital shipping route being closed since the war began. Currently, the chokepoint faces a double blockade, with Tehran obstructing traffic, while the US Navy prevents vessels calling at or leaving Iranian ports to squeeze the nation’s oil industry. Shipowners remain cautious, with the strait still virtually empty.
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