New Delhi, 27 July (H.S.): The easing of tensions between the United States and Iran after a two-week-long conflict in West Asia has had a significant impact on international crude oil prices. With both countries halting their attacks, benchmark crude prices witnessed a sharp decline in global markets on Monday. Brent crude slipped below the $88 per barrel mark, while West Texas Intermediate (WTI) crude moved closer to the $82 per barrel level.

Following the collapse of the ceasefire, the United States and Iran had resumed attacks on each other’s positions. The two countries carried out continuous strikes for nearly 14 days, pushing international crude oil prices close to $102 per barrel amid concerns over supply disruptions. However, after both sides stopped military operations, crude oil prices witnessed a steep fall during Monday’s trading session, declining by more than 10 per cent.

Brent crude fell to an intraday low of $87.61 per barrel, while WTI crude declined to $82.12 per barrel.

In the international market, Brent crude began Monday’s trading session at $91.94 per barrel, down by $6.44 per barrel or 6.55 per cent. Soon after trading began, prices fell further by $10.77 per barrel or 10.95 per cent to touch $87.61 per barrel. However, prices later recovered slightly. At around 5:30 pm Indian Standard Time, Brent crude was trading at $89.41 per barrel, down by $8.97 per barrel or 9.12 per cent.

Similarly, West Texas Intermediate (WTI) crude opened trading at $84.71 per barrel, declining by $5.76 per barrel or 6.37 per cent. Shortly after the market opened, WTI crude fell further by $8.35 per barrel or 9.23 per cent to reach $82.12 per barrel. It also witnessed a slight recovery later. At around 5:30 am Indian Standard Time, WTI crude was trading at $83.19 per barrel, down by $7.28 per barrel or 8.04 per cent.

The sharp decline in crude oil prices came after market concerns over a prolonged conflict in the oil-rich West Asian region eased following the halt in hostilities between the US and Iran.

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Hindusthan Samachar / Jun Sarkar