Global crude oil prices rose for a fourth straight session on April 23, with Brent climbing above $104 a barrel. Traders are weighing signals that tensions may ease against renewed fears of a sustained Middle East supply deficit. The rally follows the collapse of peace talks and a US naval blockade targeting Iranian ports, reigniting concerns around Hormuz shipping routes.
The Indian rupee slid for a fourth straight day, settling at 94.11 per US dollar, as the RBI removed restrictions on foreign exchange trading. Traders also pointed to higher crude oil prices, with Brent futures crossing $100 a barrel, adding pressure on the currency. The move marks a fresh stretch of weakening amid global price shocks.
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Oil prices fell Tuesday as expectations of upcoming U.S.-Iran talks lifted hopes that Middle East supply could increase. Brent futures dropped 1% to $94.53, while WTI slipped 1.72% to $88.07. Traders are focused on whether negotiations produce an extended ceasefire or wider deal, even as disruption risks still linger.
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