Crude oil futures experienced an uptick on Monday morning due to escalating tensions in West Asia.
As of 9:55 AM, October Brent crude oil futures were trading at $79.80, marking a 0.18% increase. September futures for West Texas Intermediate (WTI) were at $77.10, up 0.34%.
In the Indian market, August crude oil futures on the Multi Commodity Exchange (MCX) were trading at ₹6,477, up 0.51% from the previous close of ₹6,444. September futures were at ₹6,387, a 0.44% increase from the prior close of ₹6,359.
The surge in oil prices comes amid heightened geopolitical tensions. An airstrike by Israel on a Gaza school-turned-shelter resulted in significant casualties, with at least 90 reported dead. The incident has intensified conflicts between Israel and Hamas, disrupting ongoing peace negotiations. Additionally, there are concerns about a potential Iranian attack on Israel, with reports suggesting that Israel’s intelligence believes Iran might strike in retaliation for the recent killing of a Hamas leader.
In broader market news, economic data from the U.S. has helped alleviate inflation concerns, contributing to a boost in commodity prices, including crude oil.
Natural gas futures for August were trading at ₹185.60 on MCX, up 2.83% from the previous close of ₹180.50. On the National Commodities and Derivatives Exchange (NCDEX), August jeera contracts rose to ₹27,650, a 3.44% increase from ₹26,730. August cottonseed oilcake futures were up 0.73%, trading at ₹2,916, compared to the previous close of ₹2,895.
