Mumbai (IANS): Global oil prices tumbled on Friday after the US signaled it might ease sanctions on Iranian crude. At the same time, officials intensified efforts to secure shipping through the Strait of Hormuz.
Brent crude futures dropped as much as 3.39 percent to an intra-day low of $104.96 per barrel. Similarly, US WTI crude futures shed 3.22 percent, hitting an intra-day low of $92.47.
The price slide followed comments from US Treasury Secretary Scott Bessent. He indicated that Washington may consider easing restrictions on the 140 million barrels of Iranian oil already at sea to help cool global prices.
“The US could ‘unsanction’ Iranian oil currently on the water in the coming days,” Bessent told Fox Business Network.
He noted that the US continues to allow Iranian crude to flow out of the Gulf and suggested that the administration remains open to further flexibility depending on market conditions. Bessent clarified that the US is not targeting Iran’s energy infrastructure and maintains multiple levers to influence global supply.
Market Context
Despite this recent dip, geopolitical tensions have driven a sharp surge in crude prices. As the West Asia conflict entered its 21st day, Brent crude climbed nearly 40 percent—rising from $77.74 on March 2 to $108.65 by March 19.
Analysts believe prices have cooled slightly because the Middle East shows signs of de-escalation. These easing concerns over infrastructure disruptions have reduced the risk premium in oil markets. Nevertheless, elevated prices continue to pressure the Indian rupee.
Equities Bounce Back
Meanwhile, equity markets staged a recovery:
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Frontline indices traded over 1 percent higher.
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The Sensex jumped nearly 1,000 points (1.34 percent) by 9:46 a.m.
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The Nifty gained 1.38 percent, adding roughly 300 points.
Global equities showed mixed results after Wall Street ended its session in the red. The S&P 500 closed 0.27 percent lower, while the Nasdaq declined 0.28 percent.
