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Commodity News Details
Crude retreats below $93 as Hormuz stability efforts ease tensions
20-Mar-2026 13:29
WTI crude futures fell over 2%, slipping below $93 per barrel after a sharp rally in the previous session, as signals of potential easing in sanctions on Iran helped calm supply concerns. The US, under Donald Trump, indicated openness to easing restrictions on Iranian oil, while global powers stepped up efforts to secure the Strait of Hormuz, a key global energy transit route. These developments point to early efforts to stabilize supplies after recent geopolitical-driven spikes. At the same time, major economies including the United Kingdom, France, Germany, Italy, Netherlands, Japan, and Canada backed efforts to ensure safe passage through the Strait of Hormuz, easing fears of supply disruptions. On the domestic front, MCX April crude futures declined around 2% to Rs 8,816 per barrel, tracking the easing global trend.

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