Mumbai, April 22 (IANS). Globally, the price of crude oil has reached close to $ 100 per barrel. The reason for this is the uncertainty regarding peace talks between America and Iran and the closure of traffic on the Strait of Hormuz.
Internationally, the price of Brent crude futures has increased by 0.82 percent to $ 99.29 per barrel and the price of WTI crude has increased by 1.15 percent to $ 90.71 per barrel.
In the earlier session, the price of crude oil had seen an increase of around 3 percent.
However, at 11:21 am, crude oil futures on Multi Commodity Exchange (MCX) in India were down by 1.46 per cent at Rs 8,314.
The market remained cautious after Trump announced an indefinite extension of the ceasefire with Iran as the naval blockade continues and traffic through the Strait of Hormuz remains closed.
In a social media post, Trump claimed that Iran is ‘economically collapsing’ and ‘losing $500 million a day’, adding that Tehran is eager to reopen the Strait of Hormuz.
According to reports, shipping activities passing through the Strait of Hormuz are largely closed, and very little vessel movement was recorded in the last 24 hours.
Mixed trading is taking place in Asian markets. Tokyo, Shanghai and Bangkok were in the green, while Hong Kong and Seoul were in the red. American stock markets closed in the red on Tuesday.
At the same time, a decline is being seen in the Indian stock markets. At 11:21 am, the Sensex was at 78,748, down 521 points or 0.66 per cent, and the Nifty was at 24,448, down 128 points or 0.52 per cent.
–IANS
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