Crude oil futures gain as standoff over Hormuz reopening continues
At 10.03 am on Wednesday, October Brent oil futures were at $91.65, up 0.69%, and October crude oil futures on WTI were at $84.72, up 0.79%
Crude oil futures surged on Wednesday amid uncertainty surrounding the ongoing standoff between the United States and Iran regarding the reopening of the Strait of Hormuz. Brent oil futures climbed to $91.65, a 0.69% increase, while WTI crude oil futures rose to $84.72, marking a 0.79% gain. August crude oil futures on the Multi Commodity Exchange (MCX) opened at ₹8192, up 0.60% from the previous close of ₹8143. September crude oil futures were at ₹8133, a 0.56% increase from the prior close of ₹8088.
In a post on Truth Social, President Donald Trump stated, "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All water mines have been removed or detonated." Iran's Foreign Minister, Abbas Araqchi, had earlier hinted that Iran had not yet decided to resume talks with the US, asserting that the final decision on opening the Strait of Hormuz would be made by Iran itself.
Iran's Deputy Foreign Minister, Kazem Gharibabadi, posted on social media that the Strait of Hormuz would only be controlled by Iran.
The memorandum of understanding that aimed to finalize a peace agreement between the US and Iran expired on August 17. Nickel futures on the National Commodities and Derivatives Exchange (NCDEX) opened at ₹1612.70, a 0.83% decrease from the previous close of ₹1626.20. Meanwhile, August cottonseed oilcake contracts were at ₹4400, up 1.55% from the prior close of ₹4333. October turmeric (farmer polished) futures were also trading at ₹21240 on NCDEX, marking a 0.50% increase from the previous close of ₹21134.
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