traded higher on Tuesday morning as markets continued to analyse the impact of the West Asia crisis on global energy supplies.
At 9.59 am on Tuesday, May Brent oil futures were at $102.92, up by 2.70 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $95.07, up by 2.82 per cent. March crude oil futures were trading at ₹8,871 on (MCX) during the initial hour of trading on Tuesday against the previous close of ₹8720, up by 1.73 per cent, and April futures were trading at ₹8844 against the previous close of ₹8,673, up by 1.97 per cent.
Brent futures declined by 2.8 per cent WTI futures by 5.3 per cent in Monday’s session. Several tankers navigated Strait of Hormuz, easing concerns about supply situation to the world market. While allowing ships of some countries to pass through Strait of Hormuz, Iran had warned that it would attack ships associated with the US and its allies.
Meanwhile, US President Donald Trump’s request to his allies to send warships to escort shipping through Strait of Hormuz did not receive favourable response. Following this, Trump accused his allies of ingratitude after decades of support.
The United Kingdom Maritime Trade Operations (UKMTO) Centre said on Tuesday that it has received a report of an incident 23 nautical miles east of Fujairah, Oman. A message posted on its website said: “A tanker has reported being struck by an unknown projectile whilst at anchor. Minor structural damage reported. No injuries to crew. No environmental impact reported.”
March mentha oil futures were trading at ₹994.70 on MCX during the initial hour of trading on Tuesday against the previous close of ₹1,000.50, down by 0.58 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹11,522 in the initial hour of trading on Tuesday against the previous close of ₹11,376, up by 1.28 per cent.
March guargum futures were trading at ₹10,050 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹9,945, up by 1.06 per cent.