Crude Oil Futures Tumble Over 7 Per Cent As Us Iran Talks Lift Supply HopesCrude oil futures tumble over 7 per cent as US-Iran talks lift supply hopesCrude oil futures on the MCX dropped sharply to a nearly three-week low after renewed hopes of US-Iran negotiations eased concerns over supply disruptions from West Asia. On the Multi Commodity Exchange (MCX), crude oil futures for August delivery plunged Rs 583, or 7.2 per cent, to Rs 7,530 per barrel. The September contract for crude futures also came under heavy pressure, falling Rs 461, or nearly 6 per cent, to Rs 7,378 per barrel amid broad-based selling by investors. Iran has largely closed the Strait of Hormuz since the conflict began, disrupting one of the world’s most critical energy corridors and fuelling volatility in global oil markets. Both domestic and international crude oil prices are likely to remain highly sensitive to developments surrounding the US-Iran negotiations and shipping activity through the Strait of Hormuz for fresh cues on the global supply outlook, they added.