Industry and Energy

Industry and Energy

Oil prices fall on world markets

20 May 2025 09:12 (UTC +04:00)

Crude oil futures traded lower on Tuesday amid a lack of progress in the US-Iran nuclear deal talks, APA-Economic reports citing the Business Line.

At 9.59 am on Tuesday, July Brent oil futures were at $65.44, down by 0.15 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $62.06, down by 0.13 per cent. June crude oil futures were trading at ₹5326 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,299, up by 0.51 per cent, and July futures were trading at ₹5,305 against the previous close of ₹5,277, up by 0.53 per cent.

Quoting Iranian Deputy Foreign Minister Majid Takhtravanchi’s statement, a Reuters report said the nuclear talks between Iran and the US ‘will lead nowhere’, if the US insists that Iran drop its uranium enrichment activity to zero. On Sunday, the US special envoy Steve Witkoff stated that any new deal between the US and Iran must include an agreement to refrain from enrichment.