Crude oil futures experienced a decline on Friday morning, following remarks from U.S. President Donald Trump, who expressed optimism about a potential agreement to resolve the ongoing conflict with Iran.
At 10 a.m. on Friday, June Brent oil futures were priced at $98.20, reflecting a decrease of 1.20 percent, while May crude oil futures for West Texas Intermediate (WTI) stood at $93.54, down 1.21 percent. In India, April crude oil futures traded at ₹8676 on the Multi Commodity Exchange (MCX), marking a 2.03 percent drop from the previous close of ₹8856. May futures were at ₹8382, down 2.26 percent from the previous close of ₹8576.
During a press conference in Washington on Thursday, Trump revealed that Iran has proposed a commitment not to pursue nuclear weapons for over 20 years. “We’re going to see what happens. But I think we’re very close to making a deal with Iran,” he stated.
Additionally, Trump announced a 10-day ceasefire between Israel and Lebanon, sharing details via the social media platform Truth Social. He reported positive discussions with Lebanese President Joseph Aoun and Israeli Prime Minister Bibi Netanyahu, noting they had agreed to formally initiate the ceasefire at 5 P.M. EST. This meeting marked the first face-to-face dialogue between the two nations in 34 years, facilitated by U.S. Secretary of State Marco Rubio. Trump has tasked Vice President JD Vance and Secretary of State Rubio, in collaboration with Chairman of the Joint Chiefs of Staff Dan Razin’ Caine, to negotiate a lasting peace between Israel and Lebanon.
Trump expressed hope that Hezbollah will maintain a positive stance during this pivotal period. It is significant to note that Iran had previously requested Lebanon’s inclusion in the ceasefire agreement.
Meanwhile, Fatih Birol, Executive Director of the International Energy Agency (IEA), emphasized to the Associated Press (AP) that the economic ramifications of the current situation in West Asia will disproportionately affect developing countries. He indicated that nations in Asia, Africa, and Latin America would face substantial challenges if the Strait of Hormuz remains closed until the end of May, with the risk of high inflation and potential recessions.
Birol warned Europe may have only about six weeks’ worth of jet fuel remaining, stating, “If we are not able to open the Strait of Hormuz… soon we will hear news that some flights might be canceled due to lack of jet fuel.”
In commodity trading, April natural gas futures were priced at ₹247.90 on MCX during the early hours of trading, up 0.53 percent from the previous close of ₹246.60. On the National Commodities and Derivatives Exchange (NCDEX), May guargum contracts traded at ₹11000, an increase of 0.81 percent from the previous close of ₹10912. May dhaniya futures were at ₹12880, representing a 0.56 percent rise from the previous close of ₹12808.
Published on April 17, 2026.
