Global crude oil prices slip up to 2% as West Asia tensions ease

International crude oil prices declined on Friday, with benchmarks falling around 2 per cent amid optimism over easing geopolitical tensions in West Asia.

Global benchmark Brent crude slipped over 1 per cent to an intra-day low of $97.99 per barrel, while US benchmark West Texas Intermediate dropped nearly 2 per cent to $92.91. The pullback comes after a sharp rally in the previous session, when Brent settled about 5 per cent higher at $99.39 and WTI rose over 2 per cent to $93.32.

On the domestic front, crude oil futures on the Multi Commodity Exchange (MCX) declined as much as 2.6 per cent to Rs 8,625.

Market sentiment was buoyed by US President Donald Trump announcing a 10-day ceasefire between Israel and Lebanon, raising hopes of reduced supply disruptions in the region. Trump also indicated that Iran had signalled willingness to refrain from pursuing nuclear weapons for an extended period, further supporting the softer price outlook.

In comments on social media, Trump urged restraint during the ceasefire period and expressed confidence that progress was being made toward a broader agreement involving Iran.

Equity markets, however, showed mixed trends. In India, benchmark indices BSE Sensex and Nifty 50 opened flat. Asian markets traded lower, with key indices down by up to 1 per cent, while US markets ended modestly higher overnight, with the Nasdaq gaining 0.36 per cent and the S&P 500 rising 0.26 per cent.

With IANS inputs