Crude oil prices crash 5% on US-Iran peace deal. What's the near-term outlook? (opens original article in a new tab)

Crude oil prices fell sharply following reports of a US-Iran peace deal, with Brent and WTI crude dropping over 4% and MCX prices falling 5.32%, as analysts predict further declines if the agreement is finalized and shipping routes reopen.

• US-Iran peace deal led to 5.32% drop in MCX crude oil prices to ₹7,544 per barrel
• Brent crude futures fell $3.58 (4.1%) to $83.75 per barrel, WTI dropped $4.01 (4.72%) to $80.87 per barrel
• Analysts predict Brent crude may head toward $70-73 as deal progresses, with potential for further decline in second half of year
• Technical analysis suggests immediate resistance at ₹8,220-₹8,280 and support at ₹7,960-₹7,700