India, May 25 -- Crude oil futures witnessed a sharp decline on Monday, falling more than 4 per cent amid growing optimism over a possible breakthrough between the US and Iran that could lead to the reopening of the Strait of Hormuz and ease concerns over global oil supply disruptions.
On the Multi Commodity Exchange of India (MCX), crude oil contracts for June delivery plunged by Rs 412, or 4.49 per cent, to Rs 8,756 per barrel, with a business turnover of 13,313 lots.
Market analysts said crude prices came under pressure as easing geopolitical tensions and expectations of smoother oil flows through the Strait of Hormuz weakened risk premiums in global energy markets.
Published by HT Digital Content Services with permission from Dion Gl...