New Delhi, 08 April (H.S.): International crude oil benchmarks tumbled dramatically Wednesday following the US-Iran two-week ceasefire declaration, with West Texas Intermediate (WTI) crude shedding up to 17% to $91.05 per barrel and Brent crude sliding to $91.88 per barrel.
Prior session closes stood at Brent at $109.27 and WTI at $112.95 per barrel amid peak West Asia tensions. By 9:00 a.m. IST, Brent traded 13.47% lower at $94.56 while WTI fell 15.20% to $95.78, reflecting unwinding of the conflict-driven risk premium.
President Donald Trump announced the pause on strikes against Iranian power and civilian infrastructure via Truth Social, conditioning the bilateral ceasefire on Tehran's immediate, secure reopening of the Strait of Hormuz—conduit for ~20% of global oil and gas supply. War-induced blockades had previously spiked WTI by 70%, roiling worldwide markets.
Experts caution the plunge may prove short-lived, as war-damaged oil infrastructure faces prolonged restarts for wells, crew relocations, vessels, and refinery inventories. TNV Financial Services CEO Tarkeshwar Nath Vaishnav warns sustained high prices could widen India's current account deficit, pressure fiscal targets, weaken the rupee, stoke inflation, trigger foreign capital outflows, and inject stock market volatility via subsidy, interest rate, and exchange rate strains.
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Hindusthan Samachar / Jun Sarkar
