Crude oil prices rise as Trump threatens further strikes against Iran

On Tuesday morning, crude oil futures experienced a surge as US President Donald Trump threatened additional strikes against Iran. At 10:01 am, Brent oil futures reached $91.29, marking a 3.30 percent increase, while WTI crude oil futures climbed to $86.79, up by 1.20 percent. September crude oil futures on MCX (Multi Commodity Exchange) opened at ₹8237, up 1.08 percent from the previous close of ₹8149, and October futures started at ₹8080, a 0.76 percent rise from ₹8019.

Trump, addressing reporters in the Oval Office, clarified that the renewed assaults on Iran did not indicate a return to a full-scale conflict. "That doesn’t mean we won’t smack them. We’ll see what happens," he stated. He informed Fox News that the US intended to hit Iran severely, adding, "There will be a response." Trump further expressed his views on social media, calling Iran a "Failed Nation" with no navy, air force, currency, or capable leadership.

The UK Maritime Trade Operations (UKMTO) Center reported an incident where a tanker was struck by three unknown projectiles while transiting the Strait of Hormuz, 17 nautical miles east of Khasab, Oman. No casualties or environmental damage were reported. UKMTO advised vessels to navigate with caution and report any suspicious activity.

US Central Command's X post dismissed Iran's claim of hitting mines, labeling it as a disinformation attempt to intimidate commercial shipping. Zinc futures on MCX opened at ₹421.80, a 1.05 percent increase from the previous close of ₹417.40, while September cottonseed oilcake contracts on NCDEX started at ₹3070, a 2.20 percent rise from ₹3004.

September jeera futures on NCDEX opened at ₹21245, a 0.28 percent increase from the prior close of ₹21185.