futures traded lower on Wednesday morning following reports that the US is pushing for diplomatic efforts to end the war with Iran.
At 9.13 am on Wednesday, June Brent oil futures were at $96.11, down by 4.11 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $89.10, down by 3.52 per cent. April crude oil futures were trading at ₹8,377 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8,736, down by 4.11 per cent, and May futures were trading at ₹8,176 against the previous close of ₹8,514, down by 3.97 per cent.
US President Donald Trump told reporters that the US was talking to the right people in Iran to end the war in the West Asia region. In a post on X, Mohammad Bagher Ghalibaf, Speaker of the Parliament of Iran, had denied holding talks with the US in this regard.
A New York Times report said on Tuesday that the US has sent a 15-point proposal to Iran to end the war in West Asia. Israel’s Channel 12, which quoted three sources, said the US wants a 30-day ceasefire to discuss the 15-point plan with Iran.
A Reuters report said Iran has informed the UN Security Council and the International Maritime Organization that ‘non-hostile’ vessels may transit the Strait of Hormuz if they coordinate with Iranian authorities.
There were also reports that Trump has ordered the deployment of around 2,000 troops to the West Asia region in a bid to restore normalcy over the Strait of Hormuz.