Global crude oil prices fell sharply on Monday after US President Donald Trump signaled steps to clear vessels stranded in the Strait of Hormuz, easing concerns over supply disruptions. Brent crude dipped 0.61% to $107.51 per barrel, while US WTI dropped 2.77% to $99.11. On the domestic front, MCX crude futures traded at ₹9,621, down 0.45%. Trump said Washington would help ensure safe passage for ships, responding to requests from neutral countries affected by the blockade. However, prices remained elevated above $100 as US‑Iran talks failed to yield a breakthrough, with shipping through Hormuz still constrained.
Negotiations between Washington and Tehran continued over the weekend, with Iran suggesting nuclear discussions be deferred until after the conflict ends. Meanwhile, OPEC+ announced a June output hike of 188,000 barrels per day, its third consecutive monthly increase, though analysts said the additional supply would have limited near‑term impact given ongoing disruptions. Equity markets, however, showed resilience, with Sensex and Nifty up about 1% in morning trade, while Asian indices including Nikkei, Hang Seng, and Kospi surged up to 4%. The easing in oil prices offered some relief to markets, though geopolitical uncertainty continues to weigh on global energy flows.