New Delhi, 03 August (H.S.):

Crude oil prices witnessed a decline in the international market on Monday amid renewed hopes of a possible peace agreement between the United States and Iran. Both Brent crude and West Texas Intermediate (WTI) crude prices fell by more than five percent. Following the decline, Brent crude touched $83.31 per barrel, while WTI crude slipped below the $80-per-barrel mark to $78.78 per barrel.

Brent crude began trading at $83.96 per barrel, down by $3.97 per barrel. Shortly after trading began, prices briefly recovered to $84.11 per barrel before declining again. During the early session, Brent crude fell to $83.31 per barrel. However, prices later witnessed a marginal recovery. At 9:30 am Indian time, Brent crude was trading at $83.41 per barrel, down by $4.52 per barrel or 5.14 percent.

Similarly, trading in West Texas Intermediate (WTI) crude started at $80.81 per barrel, a decline of $3.86 per barrel. Initially, prices briefly moved up to $81.30 per barrel but later came under pressure. Within the first hour of trading, WTI crude fell below the $80-per-barrel level and touched $78.78 per barrel. At 9:30 am Indian time, WTI crude was trading at $79.76 per barrel, down by $4.91 per barrel or 5.80 percent.

The decline in crude oil prices came amid renewed possibilities of a ceasefire and peace efforts in West Asia. Earlier, after the ceasefire between the United States and Iran ended and both countries continued attacks on each other's positions, international crude oil prices had surged by nearly 25 percent in July. This was the biggest monthly gain for crude oil since March and raised fresh concerns over global inflation.

However, crude prices have now softened after U.S. President Donald Trump announced that a planned major attack had been called off and that talks with Iran would resume. Trump said the decision to halt military action against Iran was taken following requests from West Asian allies, including Saudi Arabia, who urged a negotiated settlement.

He further stated that he agreed to step back on the condition that officials reach an agreement soon to reopen the Strait of Hormuz.

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Hindusthan Samachar / Jun Sarkar