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Commodity News Details
WTI jumps above $98 amid fading Iran deal hopes
22-May-2026 12:37
WTI crude futures rallied more than 2% above $98 per barrel on Friday as optimism surrounding a potential U.S.-Iran agreement faded, with key disputes over uranium stockpiles and Strait of Hormuz tolls still unresolved. The rebound followed a sharp selloff in the previous session, when markets briefly priced in hopes of diplomatic progress. Despite six weeks of ceasefire efforts, negotiations have delivered little concrete progress, keeping traders on edge over the risk of renewed geopolitical escalation and continued disruptions to oil flows through the Strait of Hormuz. Meanwhile, MCX June crude oil futures traded nearly 1% higher at Rs 9,417 per barrel, tracking the strength in global benchmarks.

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