Hot Commodities: Crude plunges 12% as Trump highlights talks with Iran regarding resolution of hostalities

Crude oil futures fell in highly volatile trades today. WTI Crude Oil prices fell by over 12% on Monday after US President Donald Trump said he would order the military to postpone any strikes against Iranian power plants and energy infrastructure. Truth Social, Trump noted that the US and Iran had engaged in talks over the past two days regarding a complete and total resolution of hostilities in the Middle East. He added that he had instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for five days. WTI Crude oil had tested around one and half week low around $85 per barrel following this and currently trades down 6% at $92.46 per barrel. MCX Crude oil futures are down 7% at Rs 8604 per barrel after falling near Rs 8500 per barrel.

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