Mumbai, Sept. 25 -- Crude oil prices slumped on Friday morning in Asia following a sharp rally in the last couple of days amid reports that the United States (US) and Iran were considering a phased deal to reopen the Strait of Hormuz and lift a US blockade on Iranian ports. However, both nations maintained firm positions with Iran insisted on retaining control over the Strait of Hormuz, refusing any agreement unless the US eases military pressure and lifts the port blockade. Despite recent gains, the US oil benchmark remains on track to decline about 2% for the week. Currently, WTI crude oil futures are quoting at $93.54 per barrel, down 1.13% on the day. Brent is also trading lower by over 1% at $105.48 per barrel.
Published by HT Digital...