๐ข๐ถ๐น ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ๐ ๐๐ฎ๐๐ฒ ๐ฎ๐ ๐๐ฟ๐ฎ๐ป ๐ฎ๐ป๐ฑ ๐๐๐ฟ๐ฎ๐ฒ๐น ๐ฃ๐ฎ๐๐๐ฒ ๐๐๐๐ฎ๐ฐ๐ธ๐
Oil prices fell on Tuesday after Iran and Israel paused attacks on each other. Both countries stopped after an appeal from US President Donald Trump. Tehran warned it would resume strikes if Israel continued targeting Hezbollah in Lebanon.
Key price moves at 8 am IST:
- WTI crude traded at $90.78 a barrel, down 52 cents or 0.57%
- Brent crude fell 48 cents, or 0.51%, to $93.77 a barrel
The decline followed a sharp rise on Monday when crude surged more than 5%. Brent has gained around 31% since the conflict began more than 100 days ago. WTI has risen about 37%. Earlier in April, Brent climbed above $126 a barrel.
Recent attacks and responses:
- On Monday, Israel said it targeted a petrochemical plant in southwestern Iran
- Iran's Islamic Revolutionary Guard Corps said it struck an Israeli facility in Haifa
- Tehran says any agreement to end the conflict must include an end to Israel's military operations in Lebanon
Supply concerns remain:
- Investors worry about possible disruptions to the Strait of Hormuz
- UBS analyst Giovanni Staunovo said markets fear restrictions in the waterway would continue
- Before the latest escalation at the end of February, about one-fifth of global daily oil and liquefied natural gas supplies passed through the strait
Regional developments:
- Iranian state media reported comments by Esmail Qaani about a new security belt from Hormuz to the Bab El-Mandeb Strait
- Yemen's Iran-aligned Houthis said Monday they would ban ships linked to Israel from the Red Sea
Production and pricing decisions:
- OPEC+ agreed Sunday to raise oil output targets for the fourth time in four months
- Analysts said the move was unlikely to have much impact
- Several members, including Russia, have struggled to meet production targets due to strait closure and Ukrainian drone attacks
- Saudi Arabia cut official selling prices for crude oil to Asia for July for a second straight month
The conflict began on February 28 when the US and Israel launched joint strikes on Iran. Iran restricted movement through the Strait of Hormuz. The route normally handles around 20% of global oil supplies.