Trump Announces Targeting of Iran's Rocket and Radar Systems, Crude Oil Futures Decline
Crude oil futures declined on Thursday after US President Donald Trump announced that the latest US attacks targeted Iran's rocket and radar systems.
Trump stated that Iran was trying to build a rocket that drops mines, but the US had destroyed it. He also mentioned that Iran had been working to restore its radar and missile systems, which were also targeted in the US strikes.
The US Central Command reported that as of September 2, US forces have redirected 86 commercial vessels, disabled three, and boarded two to ensure compliance with the US blockade against Iran.
The US EIA (Energy Information Administration) released a petroleum status report showing a decline in crude oil inventories in the US for the week ending August 28. Commercial crude oil inventories decreased by 4.5 million barrels to 424.5 million barrels, which is 1% above the five-year average.
The price of Brent oil futures fell by 0.48%, while WTI (West Texas Intermediate) oil futures declined by 0.30%. The prices of crude oil futures on MCX were also lower, with September crude oil futures trading at ₹8565 and October futures trading at ₹8322.