Crude slips below $93 as Iran peace hopes cool rally

Crude oil prices eased on Friday, with WTI holding below $93 per barrel and MCX August crude futures trading near ₹8,802 per barrel, as optimism over a potential US-Iran diplomatic breakthrough tempered supply concerns. The prospect of reopening the Strait of Hormuz helped cool the recent rally, although prices remain nearly 6% higher for the week amid lingering geopolitical risks. The recent pullback comes after a turbulent month for energy markets. Despite significant supply disruptions and geopolitical tensions, WTI crude tumbled nearly 17% last month, while Brent crude plunged more than 19%?their steepest monthly declines since 2020. The sharp losses reflect growing concerns over slowing global economic activity and weakening fuel demand, which have increasingly outweighed supply-side risks.

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