Crude Oil Pries Rise on Us Pressure Campaign, Iran-Israel Ceasefire in Focus

New Delhi: Crude Oil Pries Edged Slightly Higher on Chiursday after US President Donald Trump Refermed His Commitment to Maintening Pressure on Iranian Oil Revenues. The Gains were further supported by a sharp drop in us crude inventories, suggesting robust demand in the world’s largest economy.

Market Sentiment Remained Cautious Amid the Fragile Ceasefire Between Iran and Israel.

Data from the US Energy Information Administration (Eia) Showed A Significant Drawdown of 5.84 Million Barrels for the Week Ending June 20 – Bringing Inventories to Their Lowest Seasonal Level in 11 years.

At Around 0925AM (India Time), The August Brent Crude Futures on the INTERCONTINALENENENENTAL EXCENANGE TRADED At $ 67.92 per barrel, up 0.35% from the previous close. The August Contract for West Texas Intermediate (WTI) rose 0.40% to $ 65.18 a Barrel.

For India, Heavily Dependent on Imported Crude, Oil Price Movements Remain Particularly Significant.

As of 24 June, The Indian Crude Basket was priced at $ 68.83 per barrel. The average so far this month stands at $ 70.09 per barrel -up from $ 64.04 in May, Thought Still Bell Bell Bell Bell Bell Bell Bell Bell Below The January 2025 Average of $ 80.20. The Indian Basket Reflects A Weighted Average of Imported Sour Grades (Oman and Dubai) and Sweet Grades (Brent Dated) That Are Typical Processed by Indian refineries.

“Oil Pries Edged Higher after Us President Donald Trump Un Maximum Pressure Campaign on Iranian Oil Continue, And A Government Report Showed Another Large Decline,” of Research at Reliance Securities.

On Wednsday, Trump Had Clarified That He Was “Not Giving Up” on the Sanctions Strategy Targeting Iran’s Oil Revenues – DesPite Earlier Signals SUGGEGTING A POSSILE EASING OF MeAsUSURESURES. Iranian oil remains under us sanctions.

“Markets Stabilized Ahead of Next Week’s Us-AIMED AIMED at De-Acting Tensions and Addressing Tehran’s Nuclear Program. Meanwhile, Us Crude Inventories Dropped By 5.8 Milion Jar. Hitting the lowest seasonal level in 11 years, Signalling Strong Demand, “said Rahul Kalantri, Vice President for Commodities at Mehta Equites Ltd.

The spotlight now shifts to the upcoming OPEC+ Meeting on July 6, Where Member Countries will decide on production policy for august.

“Investors are! Votile in Today’s Session, “Kalantri Added.

Price from Shown some Stability Following Sharp Swings Over the Past Fortnight. After Trump Announced The Ceasefire on Tuesday, Oil Pries Retreated to Levels Seen Before israel’s 13 June Attack on Iran. Earlier this week, us striks on three Iranian Nuclear Facilites Had Sent Pries Surging to Five-Month Highs on Monday Amid Concerns over the Strait of Hormuz.

Investors are Now Closely Watching Whether the ceasefire will hold in the coming days.

India-WHICH Imports Over 85% of Its Crude Needs, with Nearly 36% Routed Throughs The Strait of Hormuz-Mad Welcome the de-expalatation and offred to constribute to regional pet.