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Commodity News Details
Oil drops nearly 2% amid hopes of Middle East de-escalation
09-Jun-2026 12:57
Crude oil prices fell nearly 2% as Iran and Israel agreed to halt attacks, raising hopes for a lasting ceasefire and reducing immediate supply concerns. WTI crude slipped below $90 per barrel, while MCX crude futures declined about 1% to ₹8,606 per barrel. Investor sentiment improved after President Donald Trump said both sides were seeking an immediate ceasefire and that negotiations were progressing. The easing of geopolitical tensions also weighed on safe-haven demand for the U.S. dollar. However, markets remain cautious as the Strait of Hormuz continues to face significant disruptions, posing ongoing risks to global energy supplies.

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