Crude oil Prices: Today, on Monday, the first day of the week, there has been a big fall in the prices of crude oil. After the resumption of diplomatic talks between America and Iran, the fear of interruption in energy supply in the Middle East seems to be reducing.

This is why the price of global benchmark Brent crude fell by more than 5% in the first few minutes of trading. After this, it came below $90 per barrel for some time and then reached the level of $92. Natural gas prices also fell in Europe. After the fierce attack on Iran for the last 13 consecutive days, America retreated on Friday. Iran’s army also said that it has stopped its retaliation for the time being.

What did America say?

US Ambassador to the United Nations (UN) Mike Waltz said that President Trump is giving some space to the talks. If there is a diplomatic solution, he is in favor of it. For this reason, America has currently put a temporary moratorium on attacks. This time peace talks have started with the mediation of Qatar and Oman. Due to this, it is expected that shipping and supply of oil from the Strait of Hormuz will become normal.

What is the price of crude oil today?

Today Brent crude futures have fallen 4.89% to $ 91.89 per barrel. Similarly, the American benchmark West Texas Intermediate (WTI Crude) is also trading at $ 84.40 per barrel, slipping by about 5.5%. Last week on Thursday (July 23), due to American attacks, oil prices had crossed $100.69, but now there is some relief.

Other market experts like rating agency ICRA estimate that if Brent crude remains stable around $90-92, then it is possible that the government oil companies may reduce the prices of petrol and diesel by Rs 3-5 per liter in the coming time.

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