Blitz Bureau
NEW DELHI: Global oil prices traded lower on March 20 after the US signalled a possible easing of sanctions on Iranian crude, as efforts intensified to secure shipping through the Strait of Hormuz. Brent crude futures fell as much as 3.39 per cent to an intra-day low of $104.96 per barrel, while US WTI crude futures traded 3.22 per cent lower at $92.47, hitting an intra-day low.
The decline in oil prices followed comments by US Treasury Secretary Scott Bessent, who indicated that Washington may consider easing restrictions on Iranian oil already at sea to help cool global prices.
In an interview with Fox Business Network, he said the US could “unsanction” around 140 million barrels of Iranian oil currently on the water in the coming days. He added that the US has allowed Iranian crude to continue flowing out of the Gulf and signalled that further flexibility could be explored depending on market conditions.
Bessent also said the US is not targeting Iran’s energy infrastructure and retains multiple levers to influence global oil supply. Despite the recent decline, crude prices have surged sharply amid geopolitical tensions. As the West Asia conflict entered its 21st day, Brent crude rose nearly 40 per cent, from $77.74 on March 2 to $108.65 on March 19. Analysts said crude prices have cooled slightly amid signs of de-escalation in the Middle East, while easing concerns over disruptions to Iran’s energy infrastructure have reduced the risk premium in oil markets.
However, prices remain elevated, continuing to exert pressure on the Indian rupee.
