Brent traded higher on Friday morning after the US issued a 30-day licence allowing countries to buy Russian oil currently stranded at sea.
At 9.58 am on Friday, May Brent oil futures were at $100.64, up by 0.16 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $95.56, down by 0.17 per cent. March crude oil futures were trading at ₹8,862 on during the initial hour of trading on Friday against the previous close of ₹8,804, up by 0.66 per cent, and April futures were trading at ₹8,802 against the previous close of ₹8,735, up by 0.77 per cent.
A message on the US Treasury Department website said that the sale, delivery, or offloading of crude oil or petroleum products of Russian Federation origin loaded on any vessel, including vessels blocked, on or before 12:01 am eastern daylight time, March 12, are authorized through 12:01 am eastern daylight time, April 11.
In a message posted on the social media platform X, US Treasury Secretary Scott Bessent said US President Donald Trump is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.
To increase the global reach of existing supply, .
“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” he said, adding, the temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to US and economy in the long-term.
However, the new Iranian Supreme Leader Mojtaba Khamenei announced his decision to keep the Strait of Hormuz shut. Additional fronts could be opened in the conflict, if the US and Israel continue their attacks on Iran, he said.
In a post on the social media platform Truth Social, Trump said: “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen!”
March natural gas futures were trading at ₹299.80 on MCX during the initial hour of trading on Friday against the previous close of ₹297.60, up by 0.74 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April guargum contracts were trading at ₹10,164 in the initial hour of trading on Friday against the previous close of ₹10,136, up by 0.28 per cent.
May castorseed futures were trading at ₹6,421 on NCDEX in the initial hour of trading on Friday against the previous close of ₹6468, down by 0.73 per cent.