Trump has hinted that the ongoing tensions between the US and Iran may soon end. Meanwhile, West Texas Intermediate (WTI) crude prices fell by about 10.06 percent to $85.25 per barrel.
Big drop in crude oil prices
Crude Oil Price Fall Today: A day earlier, on Tuesday, amid tensions in the Middle East, international crude oil prices saw a significant drop. Due to the situation arising from the Iran-Israel dispute and the closure of the Strait of Hormuz, Brent crude oil had reached $117 per barrel intraday on Monday. However, on Tuesday morning, it fell by approximately 10.17 percent to trade at $85.15 per barrel.
A day earlier, in the previous trading session, oil prices had reached such high levels for the first time since 2022. Therefore, this sudden drop has provided support to the market. Let's find out why such a sharp decline has occurred.
Markets soften after Trump's statement
This weakening in oil prices is being attributed to Donald Trump's recent signal. Trump has indicated that the ongoing tensions between the US and Iran could soon end. Meanwhile, West Texas Intermediate (WTI) crude oil also fell by approximately 10.06 percent to $85.25 per barrel.
According to reports, there was also a phone conversation between Vladimir Putin and Trump, which is being seen as an attempt to calm the situation.
Oil companies' priority for LPG supply
Bharat Petroleum has stated that domestic LPG supplies are being prioritized. Global conditions have increased pressure on fuel and LPG supplies. Therefore, LPG production is being increased to ensure there is no shortage of gas in homes. Hospitals, schools, and other essential institutions will also receive LPG as needed.
A committee of oil companies has been formed to assess demand from the non-domestic sector. It includes officials from Indian Oil, Bharat Petroleum, and Hindustan Petroleum. This committee will determine how much LPG should be allocated to each sector, as non-domestic LPG supplies are largely dependent on imports, making it impossible to meet every demand.
