Now Reading: Crude near $90 as US-Iran deal hopes fade, supply fears rise
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Crude near $90 as US-Iran deal hopes fade, supply fears rise
Brent crude touched $90 a barrel on Tuesday before easing to about $88, up 13% in a week. West Texas Intermediate rose 1.8% to over $83. The rally followed a 5% jump…
The Story in Brief
Brent crude touched $90 a barrel on Tuesday before easing to about $88, up 13% in a week. West Texas Intermediate rose 1.8% to over $83. The rally followed a 5% jump on Monday after US President Donald Trump demanded compensation from Iran for people killed in conflicts, reducing expectations of a deal to reopen the Strait of Hormuz. Iran says the strait will stay shut as long as the US naval blockade continues. Foreign Minister Araghchi said no direct talks are happening with Washington. Two ships were attacked in the strait and the Bab el-Mandeb Strait on Tuesday. US crude inventories rose by 9.1 million barrels, which could ease supply worries if confirmed by official data.
The Indian Opinion
The oil market is swinging on every signal from Washington and Tehran, but the real story is that neither side seems ready to blink. Trump's compensation demand looks like a negotiating tactic, while Iran insists on sanctions relief before any strait reopening. For ordinary Indians, every dollar rise in crude means more pain at the petrol pump. Watch the EIA inventory data later today: if the 9.1-million-barrel build is confirmed, the rally may stall. Otherwise, brace for Rs 100 petrol again.
Sources (2): timesnownews.com, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
