Oil slumps as US-Iran deal hopes ease market fears

Crude oil prices retreated on Monday, with WTI crude slipping below $76 per barrel and Brent crude easing to around $79, as signs of progress in US-Iran negotiations reduced concerns over potential supply disruptions. The decline followed earlier gains fueled by uncertainty surrounding the Strait of Hormuz, a vital oil transit route. Meanwhile, the US dollar index remained firm near 100.8, close to its strongest level since May 2025, as investors awaited this week's US PCE inflation report. Reflecting the softer sentiment in energy markets, MCX July crude oil futures fell 0.8% to Rs 7,205 per barrel.

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