Brent crude oil price stays above $100 as US-Iran tensions escalate

Brent crude oil futures continued to trade above the $100 mark on Thursday due to heightened tensions between the United States and Iran in the West Asia region. At 9:59 am on Thursday, November, Brent oil futures were recorded at $101.04, showing a slight decline of 0.17 percent. October crude oil futures on WTI were at $96.11, up by 0.06 percent.

September crude oil futures were trading at ₹9143 on the Multi Commodity Exchange (MCX) during the opening hour of trading on Thursday, up from the previous close of ₹9099, a rise of 0.48 percent. October futures were at ₹8839, also up from the previous close of ₹8810, an increase of 0.33 percent.

On Wednesday, Iran announced that it had attacked ten ships near the Strait of Hormuz, coming after the US had claimed to have sunk five Iranian oil tankers. Reports suggested that Iran had fired ballistic missiles at a US military base in Jordan. The UK Maritime Trade Operations Centre issued advisories warning of disabling fire on several merchant vessels in the Northern Arabian Gulf and the Gulf of Oman, citing ongoing military activity in the region.

US President Donald Trump alleged that Iran was attempting to influence the US mid-term elections in November. In a press conference, he stated, "I think war is going to end immediately after the election because they can’t hold out any longer. They are desperate to try and affect the election." On the National Commodities and Derivatives Exchange (NCDEX), September natural gas futures were at ₹266.90 during the opening hour of trading on Thursday, down 1.04 percent from the previous close of ₹269.70.

October dhaniya futures were recorded at ₹15670 on NCDEX, down 0.33 percent from the previous close of ₹15722.