Oil Prices Retreat on Tentative Deal to End Iran War
Brent crude fell 5% to about $82.90 a barrel as peace eased energy fears and lifted Indian and Asian equities, analysts said.
- On Monday, the 30-share BSE Sensex jumped 1,112.70 points to 76,648.74, while the NSE Nifty surged 335.55 points to 23,956.40, after President Donald Trump and Iran finalized a deal to end their 107-day war.
- Brent Crude dropped 4.55 per cent to USD 83.36 per barrel, falling below USD 84 as the agreement opens the Strait of Hormuz to ease global oil supply risks.
- In Asian markets, South Korea's Kospi jumped nearly 6 per cent and Japan's Nikkei 225 index climbed over 5 per cent, reflecting global equities' rally following the Switzerland announcement.
- Among 30 Sensex firms, Trent, InterGlobe Aviation, Bajaj Finserv, UltraTech Cement, Eternal, and Maruti were major winners, while Sun Pharma emerged as the only laggard.
- With the dawn of peace in West Asia, Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said prospects for the Indian economy and stock market have turned for the better.
27 Articles
27 Articles
Rush Hour: Markets rally, oil prices fall after US-Iran deal, wholesale inflation at 9.6% and more
Stock markets across the world rose sharply on Monday and global oil prices fell after the United States and Iran reached a deal to end the war in West Asia, and reopen the Strait of Hormuz. The agreement is expected to be signed in Switzerland on Friday.The benchmark Brent crude fell by 4.9% to $83.3 per barrel on Monday. The price of Brent was $78 per barrel on February 27, a day before the conflict started. It had reached a high of $114 per b…
The proposed peace agreement between the United States and Iran is receiving worldwide attention. It is hoped this agreement will reduce regional tensions and normalize energy supplies. This development is considered significant for import-dependent countries like India. Discussion has intensified regarding its potential impact on oil prices, trade, inflation, the stock market, and Indians working in the Gulf countries.
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