New Delhi, March 23: Global oil prices saw a significant drop on Monday, with Brent crude prices falling by more than 13% after U.S. President Donald Trump announced a temporary halt to military strikes against Iran and described recent talks between the two nations as “positive.”
Brent crude futures fell nearly $17, or about 15%, reaching $96 per barrel. Meanwhile, West Texas Intermediate (WTI) also dropped approximately $13, or 13.5%, settling at $85.28 per barrel.
This sharp decline in prices indicates a reduction in tensions in the Middle East and alleviates fears of supply disruptions.
President Trump stated that he had instructed the Defense Department to postpone proposed airstrikes on Iran’s power plants and energy infrastructure for five days. He noted that this decision was made following “good and positive discussions” that took place over the last two days between the U.S. and Iran.
The impact of this news was also felt in the stock market, with Nifty futures rising sharply to 23,533.50, marking an increase of 1,068.5 points or 4.75% from the previous close of 22,465. By around 7:34 PM, Nifty was trading at 23,350.50, up by 885.50 points or 3.94%.
Trump mentioned on the social media platform ‘Truth Social’ that the decision to halt military action would depend on the progress of negotiations, suggesting the possibility of a diplomatic resolution.
In addition, gold and silver prices experienced a rebound. Gold prices in the global market fell by only 2.6%, recovering from a previous decline of nearly 5%. In the domestic market, MCX Gold also saw a strong recovery, limiting its drop to about 3%, after having previously fallen by nearly 10%.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.