Crude oil futures trade lower as US targets Iran’s rocket and radar systems

Crude oil futures experienced a decline on Thursday as the United States targeted Iran's rocket and radar systems, according to a report by Reuters. At 9:43 am on November 2, the price of US Brent oil futures fell by 0.30 percent to $95.34, while WTI (West Texas Intermediate) crude oil futures dropped by 0.08 percent to $90.94. In the Indian market, September crude oil futures on the Multi Commodity Exchange (MCX) fell by 0.24 percent to ₹8580, and October futures decreased by 0.41 percent to ₹8330.

President Donald Trump addressed reporters in the Oval Office, stating that Iran was attempting to develop a rocket capable of dropping mines and that the US had destroyed it. He further claimed that Iran had been working to restore its radar and missile systems, and that the US strikes targeted these systems. Trump also mentioned that the US had carried out a "very heavy attack last night" along the Strait of Hormuz, destroying both defensive and offensive equipment.

The US Central Command confirmed on X that US Navy continues to strictly enforce the US blockade against Iran, redirecting 86 commercial vessels, disabling three and boarding two. The Energy Information Administration (EIA) reported a decline in crude oil inventories in the US for the week ending August 28, with commercial crude oil inventories decreasing by 4.5 million barrels to 424.5 million barrels, and gasoline inventories decreasing by 1.2 million barrels to 424.5 million barrels.