MOSCOW: The price of futures contracts for Brent crude oil for June 2026 delivery dropped 15% at the start of trading on London’s ICE on Wed...
MOSCOW: The price of futures contracts for Brent crude oil for June 2026 delivery dropped 15% at the start of trading on London’s ICE on Wednesday, falling below $92 per barrel for the first time since March 11, 2026, according to trade data.
The price of WTI crude fell 14.7% amid US President Donald Trump’s statements on Iran.
TASS has compiled the key facts on global energy and financial markets’ response to news of a ceasefire between Iran and the United States.
Stock exchanges
The Indian stock market surged after the announcement of a temporary ceasefire between the US and Iran, The Economic Times reported.
The key indices of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), the Sensex and Nifty 50, gained 2,700-2,800 points, representing a rise of more than 3%.
The MOEX Index (IMOEX2 ticker) fell 0.97% to 2,770.05 points.
The main indices of the Shanghai and Shenzhen stock exchanges rose 2.69% and 4.79%, respectively, amid expectations of a ceasefire in the Middle East, according to trading data — marking the largest single-day gain in 2026.
The Shanghai Composite Index reached 3,994.99 points, while the Shenzhen Component Index totaled 14,042.50 points.
The CSI 300 Index, tracking the largest companies on both exchanges, increased 3.49%, closing at 4,595.56 points.
Taiwan Stock Exchange’s (TWSE) Taiex Index jumped 1,531.56 points, or 4.61%, to 34,761.38 points by the close of trading on news of the two-week ceasefire.
Shares of Russian oil companies
Shares of Russian oil companies fell 1.3-5.26% during the morning session on the Moscow Exchange on Wednesday, according to trade data.
As of 8:56 a.m. Moscow time (5:56 a.m. GMT), Rosneft shares were down 5.26% at 452.55 rubles, Lukoil shares dropped 2.71% to 5,440 rubles, and Gazprom Neft fell 3.23% to 521.95 rubles. Ordinary shares of Tatneft and Surgutneftegas declined 4.57% to 567 rubles and 1.3% to 20,940 rubles, respectively.
Oil prices
Futures contracts for Brent crude oil for June 2026 dropped 15% at the start of London trading, according to trade data.
The price fell below $92 per barrel for the first time since March 11, 2026.
As of 3:00 a.m. Moscow time (12:00 a.m. GMT), Brent was down 15.35% at $92.50 a barrel.
By 3:05 a.m. Moscow time (12:05 a.m. GMT), Brent extended losses to 15.66%, reaching $91.16 per barrel.
WTI futures for May 2026 delivery declined 16.33% to $94.50 per barrel.
As of 7:00 a.m. Moscow time (4:00 a.m. GMT), Brent was down 13.46% at $94.56, while WTI fell 14.76% to $96.28 a barrel.
Gas prices
European gas prices dropped 18% at the start of Wednesday trading amid news of a two-week bilateral ceasefire between the US and Iran, according to London ICE data.
May futures at the TTF hub in the Netherlands fell to around $518 per 1,000 cubic meters, or 42.905 euros per MWh (figures based on current euro-dollar exchange rates).
Experts’ views
Energy markets may take months to stabilize even if the Strait of Hormuz remains open, Russian President’s Special Representative for Investment and Economic Cooperation with Foreign Countries and RDIF CEO Kirill Dmitriev said.
Oil prices could range from $60 to $150 per barrel depending on developments around the temporary truce, InfoTEK analytical portal editor-in-chief Alexander Frolov told TASS.
European Russophobes will face prolonged austerity due to the absence of cheap oil, Russian Security Council Deputy Chairman Dmitry Medvedev said, commenting on the Middle East situation amid the Iran-US ceasefire.
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