Crude oil futures rise after Iran threatens retaliatory strike on energy assets

Crude oil futures experienced an increase on Tuesday morning, following Iran's warning of potential attacks on energy assets in West Asia in response to recent US strikes against Iranian targets. At 10 am, Brent oil futures were trading at $97.64, marking a 0.66% rise, while October crude oil futures on WTI were at $93.01, up by 1.67%.

September crude oil futures on MCX opened at ₹8785, slightly higher than the previous close of ₹8760, with a 0.29% increase. Similarly, October futures were trading at ₹8510, an increase of 0.29% from the previous close of ₹8485. Speaking on X, Mohammad Baqer Qalibaf, Speaker of Iran's Parliament, declared, "It's simple: the oil and gas production chain here is sprawling, accessible, and exposed.

American oil and gas companies across these waters and facilities share that exposure. Strike our assets and you get struck. We've already proven it. Ask the bases that are no longer viable." He was responding to US Defense Secretary Pete Hegseth's post on X, which stated, "It's simple: if Iran shoots at US ships, we will destroy (and sink) their oil tankers.

All they have to do is not shoot at @USNavy. Iran's oil tanker fleet is defenseless — Iran has no navy or air force. Our planes, ships & subs can strike them all, in @CENTCOM & @USPACOM." Meanwhile, US President Donald Trump expressed optimism about oil prices in a post on Truth Social, predicting a sharp drop to as low as $2 per gallon once the conflict with Iran is resolved.