Crude oil slides over 2% as profit taking kicks in

WTI crude futures fell more than 2% in Asian trading, pulling back after a sharp rally in the previous session as traders locked in profits. The decline came despite intensifying geopolitical tensions in the Middle East involving the United States and Iran, where fresh security incidents in the Strait of Hormuz continued to raise concerns over potential supply disruptions. However, the pullback appears driven more by short-term positioning than any real easing of risks. Markets are also turning cautious ahead of speeches from Federal Reserve officials and key US economic data, particularly the upcoming jobs report. At the same time, a firmer dollar?supported by safe-haven demand?has added further pressure on oil prices. Reflecting the global trend, MCX crude futures slipped nearly 2% to around ₹9,880 per barrel, highlighting continued volatility fueled by both geopolitical shocks and macroeconomic expectations.

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