Brent crude oil prices fell below $71 per barrel on Thursday, driven by reports of constructive developments in indirect talks between the United States and Iran.
The price decline followed a statement from Qatar indicating that the negotiations, which concluded on Wednesday, had made "positive progress." This diplomatic signal has helped alleviate immediate concerns regarding potential supply disruptions in the Persian Gulf region.
The easing of geopolitical risk has triggered a positive reaction across cross-asset markets.
Indian equity benchmarks are poised for a higher open, with the GIFT Nifty futures index trading at 24,173.5 as of 7:40 am local time.
This level suggests the Nifty 50 could open above its previous closing level of 24,005.85, reflecting investor relief from the downward pressure on energy costs and improved risk sentiment.
The market move underscores the sensitivity of energy prices to diplomatic channels.