Brent crude oil futures traded lower on Tuesday morning as markets awaited clarity on the US-Iran peace deal.
At 10.06 am on Tuesday, August Brent oil futures were at $82.92, down by 0.30 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $80.65, down by 0.12 per cent. June crude oil futures were trading at ₹7633 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹7618, up by 0.20 per cent, and July futures were trading at ₹7540 against the previous close of ₹7522, up by 0.24 per cent.
Despite the announcement of a peace deal by US President Donald Trump, neither the US nor Iran has released details of the memorandum of understanding. This has made market participants cautious.
In a post on the social media platform Truth Social, Trump said: “Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern “Highway,” which is totally safe, secure, and pristine. There are other areas of travel, also!!!”
In another post, he said Iran has agreed to never have a nuclear weapon.
In a series of posts on X, Iran’s President Masoud Pezeshkian said: “After intensive discussions, nearly all members of the Supreme Council agreed with the memorandum of understanding so that the genuine determination of the United States to respect the rights of the Iranian nation can be tested in practice.
“The drafted memorandum of understanding is the result of months of dialogue and continuous follow-up on this matter. If all of its provisions are properly implemented, it can be regarded as a source of pride for the country. What has been agreed upon is an important step toward stopping the war and beginning negotiations, and a final agreement has not yet been reached.”
پس از گفتوگوهای فشرده، قریب به اتفاق اعضای شعام با متن تفاهمنامه همراهی کردند تا عزم واقعی آمریکا برای احترام به حقوق ملت ایران در عمل آزموده شود. هدایتهای رهبر عالیقدر بیشترین نقش را در گنجاندن بندهای صیانت از منافع ملی ایران داشته که قدردان ایشان هستیم.
— Masoud Pezeshkian (@drpezeshkian)
June aluminium futures were trading at ₹353.80 on MCX during the initial hour of trading on Tuesday against the previous close of ₹356.80, down by 0.84 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (farmer polished) contracts were trading at ₹16330 in the initial hour of trading on Tuesday against the previous close of ₹16132, up by 1.23 per cent.
June jeera futures were trading at ₹19945 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹19740, up by 1.04 per cent.