20 March,2026 11:26 AM IST | Mumbai | mid-day online correspondent
Oil market dips after US signals potential relief on Iranian exports. Representational Image
Global oil prices traded lower on Friday after the United States suggested it could ease restrictions on Iranian crude. Analysts said the move helped calm concerns about supply disruptions amid tensions in the Middle East.
Brent crude futures fell as much as 3.39 per cent to USD 104.96 per barrel, while US WTI crude fell 3.22 per cent to USD 92.47 during intra-day trading.
The drop followed comments from US Treasury Secretary Scott Bessent, who indicated that Washington may consider allowing Iranian oil already at sea to flow freely. 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."
Bessent added that the US has not targeted Iran's energy infrastructure and retains several tools to influence global oil supply. He also noted that Washington may explore further flexibility depending on market conditions.
Despite Friday's decline, crude prices have surged sharply over the past weeks. As the conflict in West Asia entered its 21st day, Brent crude jumped nearly 40 per cent, from USD 77.74 on March 2 to USD 108.65 on March 19.
Analysts said the recent drop reflects signs of de-escalation in the region and reduced fears of supply disruption from Iran. "Easing concerns over Iran's energy infrastructure has lowered the risk premium in oil markets," a market expert noted.
The fall in oil prices provided some relief to Indian markets, although prices remain elevated and continue to pressure the rupee. On Friday morning, equity markets bounced back, with front line indices trading over 1 per cent higher.
Sensex rose nearly 1,000 points, or 1.34 per cent.
Nifty gained around 300 points, or 1.38 per cent.
Global equities showed mixed results. In the US, S&P 500 closed 0.27 per cent lower, while the Nasdaq fell 0.28 per cent.
(With IANS Inputs)
