New Delhi, June 20 -- Oil prices retreated to near pre-conflict levels on Friday as global markets welcomed a ceasefire Memorandum of Understanding between the United States and Iran, easing fears of a prolonged disruption to energy supplies from the Middle East and restoring confidence in international trade routes.
Brent crude, the global benchmark, traded at USD 77.89 per barrel on June 19, up 0.58 per cent or USD 0.45 from the previous close of USD 77.44.
During the session, prices moved in a relatively narrow range, touching a high of USD 78.07 and a low of USD 76.62, reflecting a market that has largely shed the geopolitical risk premium that had built up during the conflict.
The benchmark's return to the USD 77-78 range marks a sh...