futures traded lower on Friday morning following reports that US will decide within two weeks whether to intervene in escalating tensions between and .
At 9.57 am on Friday, August Brent oil futures were at $77.24, down by 2.04 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $74.01, up by 0.18 per cent. July crude oil futures were trading at ₹6424 on during the initial hour of trading on Friday against the previous close of ₹6449, down by 0.39 per cent, and August futures were trading at ₹6281 against the previous close of ₹6300, down by 0.30 per cent.
Quoting US President , White House Press Secretary Karoline Leavitt said: “Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks.”
This move is seen as a pressure tactic to bring Iran to the negotiations. Market reports noted that Trump has used the ‘two-week’ deadline in other major decisions. In many cases, these deadlines expired without any major action. Reports noted that crude oil prices remain elevated due to such tactics.
Iran has warned against US intervention in the present situation. Any such intervention would lead to further escalation of tensions in West Asia, a key crude oil producing region.
Iran, which produces around 3.3 million barrels of crude oil a day, is the third largest producer of among the bloc. Media reports said that Iran is maintaining export of crude oil, loading around 2.2 million barrels per day so far this week.
July natural gas futures were trading at ₹361.70 on MCX during the initial hour of trading on Friday against the previous close of ₹360.60, up by 0.31 per cent.
On the , July jeera contracts were trading at ₹19,050 in the initial hour of trading on Friday against the previous close of ₹19,240, down by 0.99 per cent.
June turmeric (farmer polished) futures were trading at ₹13,438 on NCDEX in the initial hour of trading on Friday against the previous close of ₹13,994, down by 3.97 per cent.