Pakistani officials cited by the Associated Press indicated on Tuesday that Islamabad has proposed a second round of talks to the United States and Iran, while US Vice President JD Vance earlier said negotiations with Iran “did make some progress” and US President Donald Trump said earlier “we’ve been called by the other side” and “they want to work a deal.”
Trump hinted at the second round of talks, saying Iran talks ‘could be happening over the next two days’ in Pakistan, as quoted by Reuters, citing the NY Post. He said that Washington was more ‘inclined’ to go to Pakistan for the peace talks that could bring an end to the nearly seven-week-long war in the Middle East. The renewed hopes for fresh peace talks, after the previous round collapsed over the weekend, boosted investor sentiment.
More than 20 commercial vessels were able to cross the Strait of Hormuz in the past 24 hours, The Wall Street Journal reported, citing US officials. Markets are now pricing in an earlier end to the war in the oil-rich Middle East, and the subsequent resumption of movement from the Strait of Hormuz.
After declining sharply overnight, oil futures edged up marginally on Wednesday morning. However, they comfortably remained below the crucial $100 per barrel mark. Brent crude futures were trading near $95 per barrel, while WTI Crude futures were at $91 per barrel.
As a result, Bharat Petroleum Corporation (BPCL) shares surged more than 5% to trade at Rs 307.9 apiece, while Hindustan Petroleum Corporation (HPCL) shares also rallied over 5% to trade at Rs 368 apiece. Indian Oil Corporation (IOC) shares gained more than 3%, meanwhile.
Oil prices crossed the crucial $100 mark in March after the closure of the Strait of Hormuz, marking the first time since Russia’s invasion of Ukraine in 2022, and have sustained for the majority of the time over that level since then. The OMC stocks, as a result, declined sharply, as rising oil prices increased worries over possible margin pressure.The shares of oil refiners also remained in the green today, amid the overall bullish sentiment in the markets. Reliance Industries (RIL) shares gained around 2%, while ONGC shares recorded marginal gains. Oil India shares, however, dropped 3%.
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