Business
Brent crude falls to $105.61 on Iran deal talk
The Hindu BusinessLine··1d ago
Brent crude futures fell below $106 a barrel after a two-day rally on reports of a possible phased US-Iran deal. At 10.05 am Friday, November Brent was at $105.61, down 0.93 percent. November WTI was at $93.03, down 1.67 percent. Reuters said negotiators are exploring Iran reopening the Strait of Hormuz and the US lifting its blockade.
Prism
What It Means For You
- Lower crude prices can ease imported inflation pressure if the decline holds.
- October crude on MCX traded at Rs 8947 early Friday, down 2.40 percent from Rs 9167.
- Talk of Hormuz reopening is the main near-term price driver cited in the report.
What's Happening
- Reuters cited unnamed sources on a phased path out of war under discussion in New York.
- Iranian President Masoud Pezeshkian told Fox News Iran does not wish to continue the war.
- Saudi Arabia intercepted six ballistic missiles fired by the Houthis at Yanbu and Taif.
What the futures show
- November Brent fell 0.93 percent to $105.61 by 10.05 am Friday.
- November WTI fell 1.67 percent to $93.03 in the same window.
- October natural gas on MCX was at Rs 316.90, down 2.58 percent.
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