Oil Heads for Second Weekly Gain as Brent Moves Above $93
Oil Heads for Second Weekly Gain as Brent Moves Above $93
Indian equity markets are expected to open on a firmer note today after global cues improved. GIFT Nifty pointed to a positive start, while softer US Treasury yields and gains across Asian markets offered some relief after the recent selling pressure.
The ongoing US-Iran conflict continues to dominate global risk sentiment, particularly because of uncertainty surrounding the Strait of Hormuz. The US says the waterway is open and has established a shipping corridor, while Iran maintains restrictions and the security situation remains uncertain.
Oil prices remained elevated on Thursday as investors assessed the impact of the US-Iran war and uncertainty surrounding shipping through the Strait of Hormuz. Brent crude was around $91.87 a barrel, while WTI remained above $85.
Indian benchmark indices are expected to open on a cautious note today after a sell-off in global markets. GIFT Nifty was indicating a negative opening, while rising crude prices and uncertainty over the US-Iran conflict are keeping investors defensive.
Tensions between the United States and Iran have intensified after US President Donald Trump said that no talks with Tehran are currently taking place or scheduled. Trump has also described the Strait of Hormuz as “new US territory”, a statement that has further heightened concerns around the strategic waterway.
Gold and silver prices came under pressure in early trade today as higher crude prices increased concerns about inflation and reduced expectations of near-term monetary easing. On MCX, gold futures were down around 0.13% at approximately Rs. 1.54 lakh per 10 grams, while silver recorded a sharper decline.
Indian equity benchmarks remained under pressure as geopolitical uncertainty and elevated crude prices continued to weigh on sentiment.
The US-Iran conflict has entered another uncertain phase after the deadline for a peace arrangement expired without a final agreement.
Crude oil prices moved sharply higher on Monday, gaining more than $2 a barrel, as investors grew concerned that the lack of progress between Washington and Tehran could prolong disruption around the Strait of Hormuz.
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