The International Maritime Organization (IMO) said it has coordinated with Iran, Oman, the United States and others and confirmed that conditions for safe navigation through the Strait of Hormuz have been met. More than 11,000 stranded seafarers are set to begin transiting the waterway, which previously carried about 20% of global seaborne oil volumes. Following the announcement, Brent and WTI crude futures fell 0.45% and 0.48%, respectively. The report also noted weaker U.S. tech stocks and mixed Asian equity performance, while the main catalyst was the confirmation that Hormuz transits can resume.

U.S. tech shares slid sharply at the open, pushing the Nasdaq down 2.21% and the S&P 500 lower by 1.54%. Chip stocks led losses amid a global selloff, with SK Hynix down more than 12% and U.S. names including Micron, AMD, Intel and Qualcomm also under pressure. Analysts said investors are growing concerned that the AI investment boom may be overheating.

Kirloskar Oil Engines said on June 19 it had won a major order from HyperNext for a 192 MW data center power system package. The contract covers 96 units of the company’s 2500 kVA Optiprime Dual Core power systems. The company described it as one of the largest deployments of high-capacity power systems for hyperscale data centres in India.

On June 22, MCX silver July futures rose 1.94% to 237710 rupees per kg, while MCX gold July futures gained 0.72% to 146260 rupees per 10 grams. The move followed signs of progress in US-Iran talks after the first round of high-level meetings concluded in Burgenstock, Switzerland. Qatar and Pakistan said the discussions were held in a positive and constructive atmosphere and that a High Level Committee was formed to oversee follow-on technical talks.

On June 22, MCX gold July futures climbed 0.34% to Rs 1,45,708 per 10 grams, while MCX silver July futures gained 0.87% to Rs 2,35,206 per kg. Spot gold also rose, at one point up 1.6% to $4,220 an ounce, after progress was reported in the first round of US-Iran peace talks, according to Qatar and Pakistan. Risk demand strengthened again after Donald Trump warned on Truth Social of tougher military action against Iran. The developments triggered intraday swings in precious metals.

Qatar is urgently calling back multiple empty LNG carriers as it seeks to restore roughly a fifth of global LNG exports within two months after the Strait of Hormuz reopened to safe passage. At least three Qatar-linked empty vessels have recently transited the strait, and Qatar loaded just over 300,000 tons in the week to June 19, the highest since early March, but still about a fifth of pre-war levels. Separately, an explosion and fire broke out on Sunday at the Barzan gas supply facility during a startup at Ras Laffan, and it remains unclear whether LNG output will be affected.

Brent crude has fallen more than 30% from recent peaks as worries about prolonged Middle East disruptions eased and expectations rose around a potential US-Iran agreement. The pullback has helped gasoline and diesel marketing margins at India’s state-run refiners and fuel retailers—HPCL, BPCL and IOCL—recover to pre-conflict levels, while LPG losses are also expected to narrow. JPMorgan and Kotak Institutional Equities raised target prices and turned more constructive, though they flagged that Q1 FY27 earnings could be weighed by inventory revaluation, with improvement expected from Q2 onward.

The U.S. and Iran reached a preliminary agreement in Switzerland, setting a 60-day plan to work toward a final deal. Brent crude futures erased early gains, with the August contract down 0.38% at $80.26 a barrel. GIFT Nifty pointed to a higher open for Indian equities, while Asian markets were mixed, with Japan’s Nikkei 225 up 2% and Hang Seng and Shanghai futures lower.

Oil prices climbed on June 22 after Donald Trump warned Iran against closing the Strait of Hormuz and threatened military action, stoking fears of renewed Middle East escalation and disruption along a key shipping lane. Brent rose as much as 2.2% to above $82 a barrel, while WTI traded above $78. US and Iranian officials began talks in Switzerland, though Iran said discussions were briefly paused. About 80 million barrels of crude are waiting on tankers in the Persian Gulf to transit Hormuz, and any restriction would hit nearly one-third of global oil supply.