Crude oil futures traded higher on Tuesday morning as US President Donald Trump threatened to intensify attacks on Iran if it did not make a deal with the US, by 8 pm EDT Tuesday, to open the Strait of Hormuz.
At 9.19 am on Tuesday, June Brent oil futures were at $111.35, up by 1.44 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $115.40, up by 2.66 per cent. April crude oil futures were trading at ₹10781 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹10588, up by 1.82 per cent, and May futures were trading at ₹9444 against the previous close of ₹9315, up by 1.38 per cent.
Addressing a press conference, Trump said Iran could be ‘taken out’ in one night and that night might be Tuesday night. Every power plants and bridges in Iran will be destroyed, he said.
America’s armed forces have carried out more than 10,000 combat flights over Iran in the past 37 days, striking more than 13,000 targets, he said.
Stating that regime change in Iran resulted in a more moderate government, Trump said he had given opportunities to Iran to end the war but they have not been accepted.
Meanwhile, Iran cautioned that it would retaliate if US attacks infrastructure in Iran, and threatened to attack energy infrastructure in the Gulf region. Rejecting a temporary ceasefire proposed by mediators, Iran sought a permanent end to the hostilities and urged the need to lift sanctions on it.