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.
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.
Indian equity benchmarks are likely to start Monday’s session on the back foot as weak global cues and renewed geopolitical uncertainty weigh on sentiment. GIFT Nifty was indicating a subdued opening, while the previous week had already seen the Nifty decline around 0.8% and the Sensex fall about 0.6%.
The US-Iran standoff remains one of the biggest risks facing global markets. The memorandum between Washington and Tehran is facing expiry, while both sides continue to accuse each other of violating the earlier understanding. The uncertainty has kept attention firmly on the Strait of Hormuz and regional shipping.
Crude oil prices are again approaching the $90-a-barrel mark, with the market reacting to slower tanker traffic through the Strait of Hormuz and the absence of a breakthrough in US-Iran negotiations. Brent was around $88.5 a barrel in Monday trading.
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