On a Monday morning in late September, Indian traders faced screens that offered little direction, as oil prices kept drifting lower even after Houthi forces claimed missile and drone strikes on Saudi targets. The quiet on the markets reflects a familiar human tension: fear of violence against the energy that powers distant economies, set against a market that has so far chosen to wait and see. For India, a large importer, crude still sitting above one hundred dollars a barrel is a reminder that relief is partial, and that the real test lies in whether those claimed attacks truly interrupt the
Brent Slips Toward USD 101 as Houthi Attacks on Saudi Sites Fail to Lift Oil; GIFT Nifty Signals Flat Open
Prices kept sliding even as the Houthis claimed strikes on Riyadh and Yanbu
On a Monday morning in late September, Indian traders faced screens that offered little direction, as oil prices kept drifting lower even after Houthi forces claimed missile and drone strikes on Saudi targets. The quiet on the markets reflects a familiar human tension: fear of violence against the energy that powers distant economies, set against a market that has so far chosen to wait and see. For India, a large importer, crude still sitting above one hundred dollars a barrel is a reminder that relief is partial, and that the real test lies in whether those claimed attacks truly interrupt the flow of oil from the Red Sea.
On Monday morning, September 21, Indian traders were staring at screens that offered very little direction. GIFT Nifty was hovering around 23,347, almost exactly where the Nifty 50 had closed the previous session at 23,346, so analysts expected a flat open for domestic equities.
Oil told a more tangled story. Brent crude fell 81 cents to USD 103.06 a barrel, continuing a slide that started on Friday, while US West Texas Intermediate dropped to USD 99.41. The decline came despite Houthi claims that they had struck sensitive sites in Riyadh and an Aramco facility in Yanbu, a Red Sea export hub. Those claims were relayed as the group's own account and were not independently confirmed.
Normally, attacks on Saudi energy infrastructure would push crude higher. Here the market kept sliding, with Brent trading nearer USD 101.79 by the time of later reporting. Ponmudi R of Enrich Money noted that WTI had eased toward USD 95 while Brent stayed above USD 100, keeping energy costs elevated even after the pullback.
For India, a major importer, that pullback is only modest relief. Crude above USD 100 remains expensive. The question now is whether the attacks on Saudi targets, especially the claimed strike on Yanbu, actually disrupt Red Sea exports. Until real supply is affected, markets appear willing to look past the claims, but if they prove true, Brent's position above USD 100 will be the first number to move.
On the Monday morning of September 21, Indian traders were looking at screens that offered very little direction. GIFT Nifty, the early indicator for the domestic market, was trading around 23,347.50, almost exactly where the Nifty 50 closed at the end of the previous session: 23,346. Analysts read that as a flat open for Indian equities.
Oil was the more complicated part of the picture. Brent crude futures fell 81 cents, or 0.78 per cent, to USD 103.06 a barrel at 0031 GMT. That extended a slide that began on Friday, when Brent settled 0.91 per cent lower. US West Texas Intermediate dropped 89 cents, or 0.89 per cent, to USD 99.41 a barrel, after a 1.58 per cent decline in the previous session.
The fall came despite fresh attacks claimed by the Houthis. The group said that on Saturday it struck what it called "sensitive" sites in Riyadh, the Saudi capital, using missiles and drones. It also said it targeted an Aramco facility in Yanbu, an oil export hub on the Red Sea. The report relays the Houthi claims; it does not independently confirm the targets or the damage.
The usual instinct is that attacks on Saudi energy infrastructure push crude higher. That was not what the market did here. Prices kept sliding, and by the time of ANI's reporting Brent was trading near USD 101.79 a barrel, with the other crude benchmark around USD 98.11. The headline title puts Brent near USD 101, while the earlier futures quote sat at USD 103.06, reflecting prices moving through the session.
Ponmudi R, CEO of Enrich Money, framed the Indian market's outlook in terms of that starting point. He said equities were likely to open flat, with GIFT Nifty holding above 23,300 against the Nifty 50's previous close of 23,346, pointing to a largely unchanged start. He also noted that WTI had eased to around the USD 95-per-barrel mark, while Brent remained above USD 100. In his words, that kept energy costs elevated even after the recent pullback.
That last point matters for India, which is a large oil importer. A decline from higher levels offers some relief, but crude above USD 100 a barrel remains expensive, and analysts are treating the pullback as a modest easing rather than a return to comfort.
What to watch next is whether the Houthi attacks on Saudi targets, particularly the claimed strike on the Yanbu facility, actually disrupt oil exports from the Red Sea. Markets have so far looked past the claims. If the claims are borne out by real supply interruptions, that calculation could change, and Brent's position above USD 100 would again be the first number to move.
Bemerkenswerte Zitate
Indian equity markets are likely to open on a flat note, with GIFT Nifty holding above 23,300, pointing to a largely unchanged start.— Ponmudi R, CEO of Enrich Money
Möchten Sie die ganze Geschichte?
Das Original lesen bei ANI (Asian News International) ↗
War & Conflict