Global Oil Prices Plunge as US Temporarily Halts Strikes on Iran
New Delhi, March 23, 2026 – Global oil prices fell sharply on Monday, with Brent crude dropping over 13%following US President Donald Trump’s announcement of a temporary halt to military strikes against Iran and reports of “productive” talks between the two nations.Brent crude futures declined by approximately $17, or nearly 15%, to a session low of $96 per barrel, while US West Texas Intermediate (WTI) crude fell about $13 (13.5%) to $85.28. The steep drop came as fears of supply disruptions eased amid signs of de-escalation in the Middle East conflict.
Trump stated he had instructed the Department of Defense to postpone planned airstrikes on Iranian power plants and energy infrastructure for five days. He attributed the decision to “very good and productive conversations” between the United States and Iran over the past two days.
Domestic markets responded positively to the news. Gift Nifty futures surged to 23,533.50, up 1,068.5 points (4.75%)from the previous close of 22,465. By around 5:20 pm, futures were at 23,318.50, or 3.80% higher.
Precious metals also rebounded. Gold and silver prices recovered sharply both domestically and internationally after initial steep losses. In the global market, spot gold trimmed its losses to 2.6%, recovering from an earlier 5% decline, while MCX gold cut losses to around 3% after falling nearly 10% earlier in the session.
The market movements highlight how geopolitical developments in the Middle East continue to significantly influence oil and commodity prices globally and in India.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.