Crude oil price gains amid reports of US attacks on Iranian island
November crude oil futures were trading at ₹9183 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹9072, up by 1.22%
On Tuesday morning, crude oil futures experienced a rise in value following reports of US forces attacking an island in Iran. Brent oil futures opened at $104.89, a 0.11% increase, while December crude oil futures on WTI were at $96.76, up by 0.31%. November crude oil futures on the Multi Commodity Exchange (MCX) started at ₹9175, up by 1.14% from the previous close of ₹9072. December futures on MCX opened at ₹9070, a 1.07% increase from the previous close of ₹8974.
By 10.01 am, Brent oil futures increased to $105.06, a 0.28% rise, and December WTI crude oil futures reached $96.90, a 0.46% boost. November MCX crude oil futures opened at ₹9183, a 1.22% increase from the previous close of ₹9072, while December MCX futures were at ₹9080, up by 1.18% from the previous close of ₹8974.
According to US officials, the Wall Street Journal confirmed that the US conducted strikes on Qeshm Island in Iran. Some media reports suggested the attacks were defensive in nature. Iran's IRNA reported explosions on Qeshm Island earlier on Monday. The latest attacks heightened fears of conflict escalation in the West Asia region, potentially impacting crude oil supplies to the global market.
US President Donald Trump's post on Truth Social noted a drop in oil prices, attributing the decrease to a perceived lack of war with Iran. Iran reportedly sought a settlement as soon as possible. This post came ahead of the US mid-term elections, with Trump and his Republican Party facing criticism over rising fuel costs. The conflict with Iran was cited as the primary reason for the fuel cost increase.
Meanwhile, November copper futures on MCX were at ₹1372.20, down by 1.42% from the previous close of ₹1391.95. On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya (coriander) contracts opened at ₹15644, a 0.70% increase from the previous close of ₹15536. November castor seed futures were at ₹8263 on NCDEX, down by 0.47% from the previous close of ₹8302.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Crude oil futures gain amid reports of US attacks on Iranian island thehindubusinessline.com