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Oil slips below $67 as Iran-US tensions simmer
12-Jun-2025 13:41
Oil futures slipped below $67.3 per barrel on Thursday after a recent rally, as markets weighed geopolitical risks and fresh data. US-Iran tensions flared after Tehran warned of striking US bases if nuclear talks collapse, prompting a partial evacuation of US personnel in the Middle East. Meanwhile, US crude inventories dropped by 3.6 million barrels, and cooler inflation data boosted hopes of Fed rate cuts by September, supporting the demand outlook. Despite global prices cooling, MCX crude for June delivery edged up by ₹47 to ₹5778 per barrel. Weakness in the US dollar supported oil from falling more deeply, with the dollar index tripping below 98 levels today, approaching its lowest levels since early 2022, following renewed tariff threats from President Donald Trump.

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