Crude oil futures traded higher on Tuesday morning following reports of US military strikes on targets in Southern Iran.
At 10 a.m. on Tuesday, August Brent oil futures were at $95.25, up by 1.96 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $91.87, up by 1.73 per cent. June crude oil futures were trading at ₹8796 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹8626, up by 1.97 per cent, and July futures were trading at ₹8571 against the previous close of ₹8426, up by 1.72 per cent.
Reports said the US military attacked targets in southern Iran on Monday. A statement by the US Central Command said the strikes were designed to protect its troops from threats posed by Iranian forces.
A Reuters report, which quoted Tim Hawkins, a Central Command spokesperson, said: “US Central Command continues to defend our forces while using restraint during the ongoing ceasefire.”
Meanwhile, Iranian media reports said that explosions were heard in Bandar Abbas city and coastal areas near the Strait of Hormuz. However, they said the cause of explosions was not known.
A post by US President Donald Trump on the social media platform Truth Social said: “The Enriched Uranium (Nuclear Dust!) will either be immediately turned over to the United States to be brought home and destroyed or, preferably, in conjunction and coordination with the Islamic Republic of Iran, destroyed in place or, at another acceptable location, with the Atomic Energy Commission, or its equivalent, being witness to this process and event.”
In another post, Trump said: “Negotiations with the Islamic Republic of Iran are proceeding nicely! It will only be a Great Deal for all or, no Deal at all — Back to the Battlefront and shooting, but bigger and stronger than ever before — And nobody wants that!”
June natural gas futures were trading at ₹293.70 on MCX during the initial hour of trading on Tuesday against the previous close of ₹291.80, up by 0.65 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), June jeera contracts were trading at ₹19580 in the initial hour of trading on Tuesday against the previous close of ₹19675, down by 0.48 per cent.
June dhaniya futures were trading at ₹12890 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹12938, down by 0.37 per cent.