Crude retreats sharply as easing war fears and weak Rupee roil markets
10-Mar-2026
13:06
WTI crude futures fell below $90 per barrel on Tuesday after surging close to $120 in the previous session, as hopes of de-escalation in the US'Iran conflict triggered a rapid unwinding of the geopolitical risk premium. The earlier rally had been fueled by supply disruptions in the Strait of Hormuz that forced major Middle Eastern producers to curb output and restrict tanker movement. In India, losses were amplified as the Indian rupee weakened sharply against the US dollar, pushing MCX March crude futures down nearly 9% to Rs 7,998 per barrel. Meanwhile, international benchmarks declined about 7% to around $88 as traders reassessed supply risks and geopolitical developments.
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