Crude oil futures surged on Tuesday morning following reports of US strikes on Qeshm Island in Iran. At 10:01 am, January Brent oil futures reached $105.06, up 0.28%, while December WTI futures stood at $96.90, up 0.46%. On the MCX, November crude oil futures climbed to ₹9183, a 1.22% increase from the previous close, and December futures rose to ₹9080, up 1.18%.
The Wall Street Journal cited US officials confirming the strikes on Qeshm Island, located in the Strait of Hormuz. Some reports suggested the attacks were defensive, though Iran's IRNA had earlier reported explosions on the island. The escalation raised concerns about potential disruptions to global crude oil supplies.
US President Donald Trump posted on Truth Social, claiming oil prices were dropping due to the perceived lack of war with Iran. He stated, 'Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen!' This statement came ahead of the US mid-term elections, where Trump and his Republican Party face criticism over rising fuel costs.
Other commodities saw mixed movements. November copper futures on the MCX fell 1.42% to ₹1372.20, while December dhaniya contracts on the NCDEX rose 0.70% to ₹15644. November castor seed futures on the NCDEX dropped 0.47% to ₹8263.