look news india
New Delhi, Bureau.Amidst the clouds of war deepening across the world and skyrocketing oil prices, there has been a big relief in the international market on Tuesday. Crude oil, which had reached the dangerous level of $120 per barrel a day ago, has fallen to below $90 today. The reason behind this dramatic decline is the statement of US President Donald Trump, in which he claimed that the ongoing Iran-Israel war in the Middle East is now in its final stages and is going to end very soon.
Trump’s prediction and Putin’s proposal: peace returned to the market
tuesday morning Brent Crude A huge decline of 6.6% was recorded in the price of $92.45 per barrel But he came. Whereas, American oil WTI also fell by about 6.5% $88.65 But he came.
Trump’s claim: Trump said in an interview with CBS News that the war against Iran is “almost complete” and that the US is well ahead of its initial estimated schedule.
Putin’s role: Russian President Vladimir Putin also spoke to Trump and shared some proposals to resolve the war quickly. With these news, the fear of long-term disruptions in global oil supply has reduced.
Mercury had reached $120: Saudi Arabia and Iraq had reduced production.
There was an outcry in the market on Monday when Brent crude touched the level of $119.50. This was the highest level since 2022. The main reason for this was the huge cut in supply:
Iraq: Iraq increased production in its southern oil fields by reducing 70% Made only 1.3 million barrels per day.
Saudi Arabia: Saudi Arabia and Kuwait also started cutting supplies.
Gulf of Hormuz: Iran has threatened that if US attacks continue, it will not allow “even a liter of oil” to be exported from the Gulf. However, after Trump’s latest stance, the effect of these threats proved ineffective.
Trump’s ‘Plan-B’: Preparation to lift ban on Russia and release emergency stock
According to sources, the Trump administration is considering several major options to control oil prices:
Softness on Russia: America is considering reducing the oil sanctions imposed on Russia so that the arrival of oil in the global market can increase.
Emergency Reserve: America can release huge amounts of crude from its strategic oil reserves (SPR).
With G7: G7 countries have also indicated that they are ready to take necessary steps to stabilize the market.
Analysts’ opinion: Ups and downs will continue
According to market analyst Tony Sycamore, huge volatility may be seen in crude oil prices in the coming days. market range $75 to $105 Is likely to remain between. At present, this decline is a big relief for oil importing countries like India, because the danger of increasing domestic prices of petrol and diesel has been averted for the time being.