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Oil rises as US-Iran ceasefire extension is ruled out
Brent crude futures climbed 0.3% to $91.14 a barrel, while WTI rose 42 cents to $85.04 a barrel, helping push India’s benchmark stocks toward a lower open.
Indian market benchmarks, the Sensex and Nifty 50, were expected to open lower on Tuesday, August 18, as mixed global signals weighed on sentiment. The Gift Nifty pointed to a weak start, trading around 24,310.5, which implied an 82.2-point discount to the previous close of Nifty futures.
Oil prices rose after hopes of a deal to end the US-Iran conflict weakened. Brent crude futures gained 27 cents, or 0.3%, to $91.14 a barrel, after reaching the highest level since July 30 in the prior session, while US West Texas Intermediate crude rose 42 cents to $85.04 a barrel, after earlier touching $85.37.
The move followed reports that the US ruled out extending the temporary ceasefire, with Iran signaling a more aggressive military posture. The article also notes that progress on peace talks and the resumption of oil tanker traffic through the Strait of Hormuz have stalled, raising concerns about potential disruptions to global energy supplies.
Diplomatic efforts were not entirely absent, with reports that Trump initiated back-channel discussions with Iran’s Islamic Revolutionary Guard Corps. Still, the article says Iran and Oman have been negotiating an arrangement to manage the Strait of Hormuz, while Trump has threatened military action against Oman.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|Sensex 78,079.96 ▲0.1%