Home›Commodities›Energy›Crude falls more than 9% as US-Iran pause eases near-t…

Crude falls more than 9% as US-Iran pause eases near-term pressure

September Brent slid to $87.64 intraday and WTI to $83.17, offering India some near-term relief despite lingering shipping and Russian supply risks.

Reported · Written up by our desk · Energy

Crude oil prices dropped sharply Monday, falling more than 9% after the United States and Iran paused strikes over the weekend, with no attacks reported by either side for a third straight day, according to LiveMint Markets citing Reuters.

Brent crude for September delivery hit an intraday low of $87.64 a barrel and was later around $89.21, down 7.57% from the previous close. September West Texas Intermediate was about $83.17 a barrel, down 6.87% on the day.

The temporary de-escalation eased immediate concerns about India’s oil import bill, as India imports nearly 90% of its crude needs. However, traders and analysts warned that risks across key shipping routes remain unresolved.

LiveMint Markets also highlighted that a $1 sustained rise in crude prices over a year could add ₹18,000 crore to India’s import bill, with the country’s annual oil import bill of roughly $120 billion representing 17% to 25% of overall merchandise imports. India’s crude import spending for April to June reached $49.8 billion, up 61% year on year, and the conflict has already raised concerns about inflation and higher import costs.

Latest closeWTI crude $95.27 ▲3.4%|Brent $100.98 ▼2.0%

More like this

Sources