Crude oil trades lower despite Trump demanding compensation from Iran
At 10.02 am on Tuesday, October Brent oil futures were at $87.53, down by 0.22%, and September crude oil futures on WTI (West Texas Intermediate) were at $82, down by 0.16%
Crude oil futures experienced a decline on Tuesday morning, despite US President Donald Trump's demand for compensation from Iran on behalf of families affected by the ongoing conflict between the two nations. At 10:02 am, Brent oil futures were recorded at $87.53, a decrease of 0.22%, while September crude oil futures on WTI were at $82, down by 0.16%.
August crude oil futures on the Multi Commodity Exchange (MCX) opened at ₹7819, up 0.21% from the previous close of ₹7803. September futures were at ₹7746, a rise of 0.27% from the previous close of ₹7725. In a post on Truth Social, Trump expressed his belief that Iran was seeking compensation for damages sustained during the recent military conflict, even though it was not mentioned in their previous negotiations.
He then demanded compensation from Iran for the lives lost in various conflicts, including those of innocent protestors, and for the families of those killed in the USS Cole bombing and other attacks. Trump also urged Iran to compensate Lebanon, Syria, Yemen, and Gaza for the damages and deaths caused by the conflict. Commodity experts at ING Think and Ewa Manthey cautioned that current rhetoric suggests any potential deal is still distant, leaving oil prices vulnerable to further upside risks.
Oil continues to flow through the Strait of Hormuz, despite disruptions, implying the market's resilience in maintaining trade despite turbulence. Iraq's state oil marketing company shipped around 2 million barrels of oil per day in August, while natural gas and turmeric contracts saw slight increases in value on MCX and NCDEX.
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