futures traded lower on Tuesday morning as markets awaited clarity on the proposed peace talks between the US and Iran in Doha.
At 9.33 am on Tuesday, September Brent oil futures were at $73.66, down by 0.34 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $70.41, down by 0.48 per cent. July crude oil futures were trading at ₹6681 on during the initial hour of trading on Tuesday against the previous close of ₹6728, down by 0.70 per cent, and August futures were trading at ₹6678 against the previous close of ₹6723, down by 0.67 per cent.
US President Donald Trump had posted on the social media platform Truth Social on Monday that a meeting between the US and Iran would take place in Doha on Tuesday following a request by Iran in this regard. His statement followed the weekend attacks by the US and Iran on each other’s targets in West Asia.
Meanwhile, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said though Iran is sending its technical delegation to Qatar, this had no relation to the visit of the American team to Doha.
A Reuters report, which quoted Baghaei, said, “We will not have any negotiation meetings at any level with the American side in the coming days.”
On Monday, French President Emmanuel Macron said that he was working with Oman to de-escalate tensions and would cooperate with partners to de-mine the Strait of Hormuz. Replying to this, Iran’s Deputy Foreign Minister Kazem Gharibabadi said the removal of mines was to be carried out solely by Iran according to the 14-point plan.
July menthaoil futures were trading at ₹1075.30 on MCX during the initial hour of trading on Tuesday against the previous close of ₹1058.80, up by 1.56 per cent.