Crude oil prices slip up to 3 pc from day highs as US-Iran de-escalation hopes rise
NEW DELHI: International crude oil prices on Wednesday pared early gains and fell nearly 3 per cent from the day’s high, as optimism over a possible easing of the US-Iran conflict weighed on markets.
Brent crude futures slipped to an intraday low of $102.79 per barrel, down about 2.9 per cent from the day’s high of $105.86. At the time of writing, Brent was trading around 1 per cent lower at $103.19 per barrel.
Similarly, US West Texas Intermediate (WTI) crude dropped as much as 2.19 per cent from its intraday high of $103.31, and was marginally lower at $101.25 per barrel.
The decline comes after a strong rally earlier in the session. In morning trade, Brent had risen 1.81 per cent to $105.86 per barrel, while WTI was up 1.90 per cent at $103.31.
According to analysts, markets are witnessing heightened volatility amid shifting geopolitical signals and macroeconomic cues.
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