traded higher on Monday morning as uncertainty over efforts to end the conflict in West Asia continued.
At 10.11 am on Monday, October Brent oil futures were at $88.65, up by 0.15 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $81.39, down by 0.10 per cent.
August crude oil futures were trading at ₹7860 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹7870, down by 0.13 per cent, and September futures were trading at ₹7806 against the previous close of ₹7810, down by 0.05 per cent.
Iran’s Foreign Minister Abbas Araqchi told Iranian news outlet Shahdara News that Iran had not decided to resume talks with the US. In an interview published on Saturday, he said the US must meet conditions on the Strait of Hormuz in order for shipping to resume in the waterway.
In a post on X, Iran’s Deputy Foreign Minister Kazem Gharibabadi said: “This strait will be opened and closed only under Iran’s command, and so long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade.”
US President Donald Trump, who participated in a political rally in New York on Friday, said that ‘paying a tiny little bit more’ for gasoline is worth the cost of ensuring a ‘very evil country’ could not have a nuclear weapon.
“After we finish defeating Iran … pretty soon I’ll be declaring the Hormuz Strait a territory of the United States,” he said.
August natural gas futures were trading at ₹255.30 on MCX during the initial hour of trading on Monday against the previous close of ₹263.70, down by 3.19 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹20212 in the initial hour of trading on Monday against the previous close of ₹19752, up by 2.33 per cent.
August guargum futures were trading at ₹11650 on NCDEX in the initial hour of trading on Monday against the previous close of ₹11480, up by 1.48 per cent.