New Delhi, March 18 : Global oil prices traded in the negative zone on Wednesday, slipping over 3 per cent after a sharp surge in the previous session, as escalating geopolitical tensions in West Asia kept markets volatile. Brent crude futures were trading 2.50 per cent lower, hitting an intra-day low of $100.85 per barrel by 9:45 am, while the US benchmark West Texas Intermediate (WTI) crude fell 3.40 per cent to an intra-day low of $92.83.
So far this week, WTI futures have declined as much as 4.73 per cent, while Brent crude has dropped over 2 per cent. The sharp correction comes despite heightened geopolitical risks following Iran’s confirmation that Ali Larijani, a senior security official and secretary of the Supreme National Security Council, has been killed. His death is being viewed as a significant blow to Iran’s wartime leadership and signals further deterioration in the regional conflict. At the centre of market concerns remains the Strait of Hormuz, a critical oil transit route that typically carries nearly a fifth of global shipments.