Crude oil prices retreated sharply on Wednesday crashing by 6 per cent to hit their lower circuit level in futures trade, tracking weak global benchmarks after the US and Iran announced a two-week ceasefire. On the Multi Commodity Exchange (MCX), crude oil futures for the April delivery slumped by Rs 640, or 6 per cent, to Rs 10,029 per barrel -- its lower circuit limit. ADVERTISEMENTSimilarly, the May contract declined by Rs 565, or 6 per cent, to Rs 8,860 per barrel, also hitting its lower circuit limit amid aggressive selling as easing tensions reduced fears of supply disruptions. Analysts said crude prices cooled after geopolitical risk premiums unwound following the easing of tensions in West Asia. Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

Source: The Telegraph April 08, 2026 04:22 UTC