January crude oil futures were trading at ₹5395 on MCX during the initial hour of trading on Tuesday against the previous close of ₹5335, up by 1.12%
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REUTERS/Eli Hartman
Crude oil futures traded higher on Tuesday morning after US President Donald Trump imposed additional 25 per cent tariff on countries doing business with Iran.
At 9.58 am on Tuesday, March Brent oil futures were at $64.08, up by 0.33 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $59.73, up by 0.69 per cent. January crude oil futures were trading at ₹5395 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5335, up by 1.12 per cent, and February futures were trading at ₹5404 against the previous close of ₹5347, up by 1.07 per cent.
In a post on social media platform Truth Social, Trump said: “Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America. This Order is final and conclusive.”
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices rallied for a third consecutive day on Monday, with ICE Brent trading close to $64 a barrel.
The price increase comes amid intensifying protests in Iran, raising the possibility of some form of intervention by the US. There have been suggestions of the potential for US military action.
“Up until now, President Trump has said the US will impose a 25 per cent tariff on any country ‘doing business’ with Iran. China is a key buyer of Iranian oil. Whether this secondary tariff threat is sufficient to push China away from Iranian oil remains to be seen. Previously, the threat of secondary tariffs on imports of Venezuelan and Russian oil persuaded China to halt purchases. With the US and China having reached a trade truce, we question whether the US would want to rock the boat again with additional tariffs on China,” they said.
Exports of Kazakh oil from the CPC terminal will come under significant pressure this month. Quoting Bloomberg, they said shipments are expected to come in between 8,00,000-9,00,000 barrels a day, around 45 per cent below initial expectations. The drop is due to maintenance and damage caused by Ukrainian drones, while weather has also been an issue, they added.
January natural gas futures were trading at ₹301.50 on MCX during the initial hour of trading on Tuesday against the previous close of ₹304.50, down by 0.99 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹11,074 in the initial hour of trading on Tuesday against the previous close of ₹11,040, up by 0.31 per cent.
January jeera futures were trading at ₹22,275 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹22,525, down by 1.11 per cent.
Published on January 13, 2026
