futures traded higher on Wednesday morning after US President Donald Trump threatened to hit energy targets in Iran. Meanwhile, both the US and Iran continued attacks on each other’s targets in West Asia.
At 10.04 am on Wednesday, September Brent oil futures were at $85.52, up by 0.93 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $79.86, up by 0.66 per cent. July crude oil futures were trading at ₹7685 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹7584, up by 1.33 per cent, and August futures were trading at ₹7650 against the previous close of ₹7574, up by 1 per cent.
In an interview to Fox News on Tuesday night, Trump said: “I’ll save the energy targets for last, but ultimately we’ll hit energy targets.”
In a post on X, US Central Command said: “US forces resumed the naval blockade against vessels transiting to and from Iranian ports and coastal areas today at 4 pm ET. There are currently more than 20 US Navy warships and hundreds of military aircraft operating across the Middle East. American forces remain vigilant, lethal, and ready.”
Reports said that Iran launched drone attacks on US army at Jordan’s Azraq base. Citing Iran’s Islamic Revolutionary Guard Corps, a Reuters report said Iran targeted weapons and storage facilities in Bahrain and Kuwait. However, Reuters could not immediately verify the reports.
Meanwhile, Trump said he would replace 20 per cent US reimbursement fee at the Strait of Hormuz with trade and investment deals that the various Gulf states will be making into the US. In a post on Truth Social, he said: “Those Investments will be MASSIVE but, at the same time, extraordinarily good for them, and their future.”
July natural gas futures were trading at ₹281.20 on MCX during the initial hour of trading on Wednesday against the previous close of ₹279.10, up by 0.75 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹20520 in the initial hour of trading on Wednesday against the previous close of ₹20706, down by 0.90 per cent.
July cottonseed oilcake futures were trading at ₹3700 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹3728, down by 0.75 per cent.