futures traded higher on Friday morning as markets feared continued tensions between the US and Iran after US President Donald Trump said he is not in a hurry to end the war.
At 9.58 am on Friday, June Brent oil futures were at $105.99, up by 0.88 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $96.45, up by 0.63 per cent. May crude oil futures were trading at ₹9124 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹9175, down by 0.56 per cent, and June futures were trading at ₹8675 against the previous close of ₹8738, down by 0.72 per cent.
Trump posted several messages on the social media platform Truth Social criticising Iran’s leaders and indicating that the US might take action in the Strait of Hormuz.
In one of the posts, he said, “I have ordered the United States Navy to shoot and kill any boat, small boats though they may be (Their naval ships are ALL, 159 of them, at the bottom of the sea!), that is putting mines in the waters of the Strait of Hormuz. There is to be no hesitation. Additionally, our mine “sweepers” are clearing the Strait right now. I am hereby ordering that activity to continue, but at a tripled up level!”
In another post, Trump said, “Iran is having a very hard time figuring out who their leader is! They just don’t know! The infighting is between the “Hardliners,” who have been losing BADLY on the battlefield, and the “Moderates,” who are not very moderate at all (but gaining respect!), is CRAZY! We have total control over the Strait of Hormuz. No ship can enter or leave without the approval of the United States Navy. It is “Sealed up Tight,” until such time as Iran is able to make a DEAL!!!”
Refuting media reports that he is anxious to end the war with Iran, he said, “…I am possibly the least pressured person ever to be in this position. I have all the time in the World, but Iran doesn’t — The clock is ticking!”
Announcing the extension of the ceasefire between Israel and Lebanon by another three weeks, he said he looks forward to host the Prime Minister of Israel, Bibi Netanyahu, and the President of Lebanon, Joseph Aoun, in the near future. “The United States is going to work with Lebanon in order to help it protect itself from Hezbollah,” he said.
May nickel futures were trading at ₹1738.10 on MCX during the initial hour of trading on Friday against the previous close of ₹1732.30, up by 0.33 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), May dhaniya contracts were trading at ₹13596 in the initial hour of trading on Friday against the previous close of ₹13512, up by 0.62 per cent.
May turmeric (farmer polished) futures were trading at ₹16574 on NCDEX in the initial hour of trading on Friday against the previous close of ₹16474, up by 0.61 per cent.