New Delhi: Oil prices declined nearly 7 percent as renewed diplomatic efforts by the US to end the conflict with Iran gathered momentum, outweighing concerns over additional troop deployments and the continued disruption in the Strait of Hormuz.
Brent crude prices dropped as much as 7 percent to around $97 per barrel, while West Texas Intermediate (WTI) hovered near $87, reflecting easing fears of prolonged supply disruptions amid signs of potential de-escalation.
Both benchmarks earlier climbed before trimming gains amid volatile post-settlement trading. According to a Bloomberg report, US President Donald Trump said that Washington was making progress toward negotiating an end to the conflict with Iran, while a source indicated that the US had shared a 15-point settlement proposal with Tehran.
The conflict has nearly brought shipments of oil and liquefied natural gas through the Strait to a standstill. The waterway, which typically handles about one-fifth of the world’s crude and gas supply, has seen what the International Energy Agency described as the largest-ever disruption to oil supply.
According to experts, volatility is expected to remain elevated as headlines continue to influence sentiment, but as long as Brent sustains below $100 and WTI below $94, the bias points towards a gradual downside drift.
Gold, silver surge amid fresh Middle East developmentsMumbai: Gold and silver prices witnessed a strong surge amid easing tensions in the West Asia conflict. On the Multi Commodity Exchange (MCX), gold futures (April 2) advanced as much as Rs 5,658 or about 4 per cent to an intraday high of Rs 1,44,570 per 10 grams. The yellow metal was later trading at Rs 1,44,410, up Rs 5,498 or 3.96 per cent. Similarly, silver futures (May 5) jumped around 6 per cent or Rs 13,228, hitting an intraday high of Rs 2,14,500 per kg during the session. In the international market, COMEX gold was trading at $4,633.17, up 4.48 per cent, while COMEX silver rose 7.5 per cent to $74.8. According to analysts, MCX gold is hovering in the Rs 1,43,000–Rs 1,45,000 band, indicating underlying strength. They see immediate resistance at Rs 1,48,000, with potential upside towards Rs 1,55,000–Rs 1,57,000, while support is placed at Rs 1,37,000–Rs 1,40,000. Silver too, remains firm across markets. MCX silver faces resistance at Rs 2,40,000, while key support lies near Rs 2,27,000, they said. |
