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Crude oil prices plunge as US nears Iran conflict resolution deal, WTI falls to 93, Brent to 100, Indian markets rebound, Sensex tops 78000, Nifty rises above 24330
Crude oil crashes after reports on Iran-US peace deal soon
Crude oil prices fell sharply on Wednesday as reports came that suggest that the US is close to reaching an agreement with Iran on the resolution of the conflict.
WTI crude oil futures tumbled 9 per cent to trade around $93 per barrel, while Brent futures came down to $100 per barrel with a drop of 8 per cent.
The White House believes it’s getting close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations, according to a report of Axios.
If things happen in a positive manner, this will usher in a major resolution to the conflict that has continued since February 28, 2026.
Meanwhile, the reports of resolution have brought a glimmer of hope for investors, with the Indian equity market zooming sharply from the day’s low.
Sensex jumped 1200 points from the day’s low to cross 78,000. Nifty gained 300 points or 1.24 per cent to jump over 24,330.
Indian markets saw broad-based buying on Wednesday, led by financials, aviation and retail stocks. Shares of InterGlobe Aviation rose over 6%, while Trent, Asian Paints and SBI gained between 3-4%.
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