WTI falls over 1% to below $103 as traders track Iran peace talks

WTI crude futures slipped more than 1% on Wednesday, falling below the $103 per barrel mark as markets reacted to renewed optimism over a possible end to the Iran conflict. However, traders remained cautious as the prolonged closure of the Strait of Hormuz continued to disrupt Middle East supply flows and sustain inflation concerns globally. Domestically, MCX June crude oil futures traded near Rs 9,998 per barrel, while India raised petrol and diesel prices for the second time in less than a week amid elevated global energy costs. Rising crude imports and persistent geopolitical uncertainty are likely to keep oil markets volatile in the near term.

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