Crude oil trade 3% lower at $95.69 on hopes of fresh US-Iran talks

International crude oil prices on Tuesday pared their gains, falling up to 3% on hopes of renewed US-Iran dialogue to end the conflict, which helped ease concerns over supply risks linked to the US blockade of the Strait of Hormuz. 

Global benchmark Brent crude futures traded at $96.6 per barrel, down 2.77%, while US West Texas Intermediate (WTI) crude declined more than 3% to $95.69, hitting an intraday low in early trade.

In the previous session, oil prices also settled in negative territory, with Brent crude down 3.64% at $99.36 and WTI crude closing at $96.57, lower by 7.79%.

Earlier, crude prices had witnessed strong gains. On April 12, the oil benchmarks had surged more than 8% after US President Donald Trump announced a blockade of Iran's ports.

However, reports on Monday indicated that the US military’s blockade of the Strait of Hormuz could extend eastwards to the Gulf of Oman and the Arabian Sea.

Meanwhile, ship-tracking data showed that two vessels turned around in the strait after the blockade came into effect.

The dialogue between the US and Iran remains active. Trump also said on Monday that Iran “wants to make a deal”.

Following this, bullion prices rose, with gains of up to 2%. COMEX gold increased 0.74% to $4,802.8, while COMEX silver advanced 2% to $77.16 per ounce.

On the domestic front, equity markets remained closed on account of Dr B.R. Ambedkar Jayanti.

The Multi Commodity Exchange (MCX) was also closed in the morning session, and will resume trading in the evening session from 5 pm to 11:30 pm.

Meanwhile, Bitcoin prices surged to a four-week high as risk assets rallied on optimism that the US could reach an agreement with Iran to resolve the conflict.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)