India, Sept. 29 -- Prices of crude oil futures remained aligned to expectations about the end of the seven-month-old conflict in the Middle East. Prices whipsawed as disappointment over President Donald Trump's rejection of an Iranian proposal to restore full traffic through Hormuz gave way to fresh optimism about a diplomatic resolution. Markets digested reports about U.S. and Iranian officials continuing separate discussions with mediators. Reports of Saudi Arabia restoring roughly half the flows through its East-West pipeline also abetted the decline in crude oil prices.
Alongside the decline in global crude oil prices, bond yields too have declined. Rate hike expectations from the Federal Reserve also softened as fears of fuel-led infl...