Brent futures remained above $100 a barrel on Thursday morning due to escalating tensions between the US and Iran in West Asia.
At 9.59 am on Thursday, November Brent oil futures were at $101.04, down by 0.17 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $96.11, up by 0.06 per cent. September crude oil futures were trading at ₹9143 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹9099, up by 0.48 per cent, and October futures were trading at ₹8839 against the previous close of ₹8810, up by 0.33 per cent.
on Wednesday said that it had attacked 10 ships near the Strait of Hormuz. This followed the statements by the US that it sank five Iranian oil tankers. Reports said that Iran had fired ballistic missiles at a US military base in Jordan.
The United Kingdom Maritime Trade Operations (UKMTO) Centre has released advisories stating that it had received reports involving several merchant vessels in the Northern Arabian Gulf and the Gulf of Oman. Reports indicate the vessels were subject to disabling fire as part of ongoing military activity in the region.
Meanwhile, US President Donald Trump has said that Iran is trying to ‘influence’ the US mid-term elections in November.
Speaking to reporters, he said: “I think war is going to end immediately after the election because they can’t hold out any longer. They are desperate to try and affect the election.”
September natural gas futures were trading at ₹266.90 on during the initial hour of trading on Thursday against the previous close of ₹269.70, down by 1.04 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), September cottonseed oilcake contracts were trading at ₹2631 in the initial hour of trading on Thursday against the previous close of ₹2658, down by 1.02 per cent.
October dhaniya futures were trading at ₹15670 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹15722, down by 0.33 per cent.