Crude oil futures declined on Wednesday morning amid ongoing indirect negotiations between the United States and Iran, despite recent US military strikes on Iranian targets.
As of 10 AM on Wednesday, August Brent oil futures were priced at $95, reflecting a decrease of 1.73 percent, while July West Texas Intermediate (WTI) crude oil futures were trading at $91.96, down by 2.06 percent. In India, June crude oil futures on the Multi Commodity Exchange (MCX) were recorded at ₹8833, down 2.01 percent from the previous close of ₹9014, and July futures stood at ₹8568, a drop of 2.05 percent from ₹8747.
Reports indicate that the US and Iran are continuing their indirect talks aimed at reopening the Strait of Hormuz and achieving a ceasefire, despite the latest United States airstrikes in Southern Iran. The US Central Command has defended these strikes, stating they were necessary to protect American troops from threats posed by Iranian forces.
Iranian media sources have also reported explosions occurring in Bandar Abbas city and nearby coastal areas around the Strait of Hormuz.
Regarding the ongoing peace talks, US Secretary of State Marco Rubio noted that any potential deal could take several days to finalize. US President Donald Trump expressed via the social media platform Truth Social that negotiations with Iran are progressing positively.
In other developments, the United Kingdom Maritime Trade Operations (UKMTO) reported an explosion involving a vessel off the coast of Oman. This incident occurred 60 nautical miles east of Muscat, where the tanker’s Master confirmed an external explosion. Fortunately, both the crew and the vessel are reported to be safe, although some bunker fuel was discharged into the sea.
Additionally, a Reuters report indicated that a cargo of crude oil from the US strategic petroleum reserve is en route to the Philippines, marking the first shipment of US emergency reserve oil to Asia since November 2022.
In market activity, June natural gas futures were traded at ₹288.60 on MCX, down by 1.27 percent from the previous close of ₹292.30. On the National Commodities and Derivatives Exchange (NCDEX), June guargum futures were trading at ₹11534, reflecting a 0.23 percent increase from the last close of ₹11507, while June dhaniya futures were recorded at ₹12944, down by 0.29 percent from ₹12982.
Published on May 27, 2026.
