Crude oil futures traded higher on Tuesday morning as US President Donald Trump threatened further strikes against Iran.
At 10.01 am on Tuesday, December Brent oil futures were at $91.29, up by 3.30 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $86.79, up by 1.20 per cent. September crude oil futures were trading at ₹8237 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹8149, up by 1.08 per cent, and October futures were trading at ₹8080 against the previous close of ₹8019, up by 0.76 per cent.
Speaking to reporters in the Oval Office, Trump said the renewed strikes on Iran did not signal a return to full-scale war. “That doesn’t mean we won’t smack them. We’ll see what happens,” he said.
He told Fox News that the US is going to hit Iran hard. “There will be a response,” he said.
In a post on Truth Social, Trump said: “Iran is officially a Failed Nation. IT IS DEAD! They have no Navy, they have no Air Force, they have no currency, they are not paying their soldiers or police, Inflation is at 300%, and their leadership is in total disarray and incapable of properly representing the country.”
Meanwhile, United Kingdom Maritime Trade Operations (UKMTO) Centre said it has received a report of an incident 17 nautical miles east of Khasab, Oman. A tanker has reported being struck by three unknown projectiles whilst completing an outbound transit of the Strait of Hormuz. No casualties or environmental impact have been reported. Authorities are investigating. Vessels are advised to transit with caution and report any suspicious activity to UKMTO, it said.
Responding to the claims of Iran’s Islamic Revolutionary Guard Corps (IRGC) that a supertanker passing through the southern route of the Strait of Hormuz struck two mines and was brought to a complete stop, US Central Command’s post on X termed it false. “No ships have hit mines in the Strait of Hormuz. This is yet another IRGC attempt to intimidate regional commercial shipping through disinformation,” it said.
September zinc futures were trading at ₹421.80 on MCX during the initial hour of trading on Tuesday against the previous close of ₹417.40, up by 1.05 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹3070 in the initial hour of trading on Tuesday against the previous close of ₹3004, up by 2.20 per cent.
September jeera futures were trading at ₹21245 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹21185, up by 0.28 per cent.