Crude oil futures traded higher on Friday morning despite de-escalation of tensions between Iran and US as both countries are scheduled to hold talks later in the day.
At 9.56 am on Friday, April Brent oil futures were at $67.93, up by 0.56 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $63.67, up by 0.60 per cent. February crude oil futures were trading at ₹5755 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5746, up by 0.16 per cent, and March futures were trading at ₹5752 against the previous close of ₹5737, up by 0.26 per cent.
Despite increasing tensions between the US and Iran, officials from both countries are set to meet in Oman later on Friday. Market players feel that this meeting could help de-escalate tensions between the two countries and reduce the risk of a conflict in the region.
Reports said that both countries were seen disagreeing over the subject of the meeting. While Iran wants the talks be limited only to nuclear programme, US wants to discuss Iran’s missile arsenal also. Iran is one of the major oil producers. It is strategically located next to the Strait of Hormuz, which is one of the important shipping channels for crude oil transportation.
Meanwhile, US President Donald Trump has said that he retains the right to ‘militarily secure and reinforce’ the American presence in Diego Garcia.
In a post on the social media platform Truth Social, Trump said he had very productive discussions with the UK Prime Minister Keir Starmer about the Island of Diego Garcia.
Terming it as the site of a major US military base strategically situated in the middle of the Indian Ocean, he said the base is of great importance to the national security of the US.
“We have the most powerful Military in the World. Our Military Operations, over the course of the last year, were successful because of the strength of our war fighters, modern capability of our equipment and, very importantly, the strategic location of our Military Bases for staging and other reasons. I understand that the deal Prime Minister Starmer has made, according to many, the best he could make. However, if the lease deal, sometime in the future, ever falls apart, or anyone threatens or endangers US operations and forces at our Base, I retain the right to Militarily secure and reinforce the American presence in Diego Garcia. Let it be known that I will never allow our presence on a Base as important as this to ever be undermined or threatened by fake claims or environmental nonsense,” he said.
In a separate post, Trump said: “The United States is the most powerful Country in the World. I completely rebuilt its Military in my First Term, including new and many refurbished nuclear weapons. I also added Space Force and now, continue to rebuild our Military at levels never seen before. We are even adding Battleships, which are 100 times more powerful than the ones that roamed the Seas during World War II — The Iowa, Missouri, Alabama, and others.”
February nickel futures were trading at ₹1527.20 on MCX during the initial hour of trading on Friday against the previous close of ₹1538, down by 0.70 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹23865 in the initial hour of trading on Friday against the previous close of ₹23810, up by 0.23 per cent.
February guargum futures were trading at ₹10330 on NCDEX in the initial hour of trading on Friday against the previous close of ₹10393, down by 0.61 per cent.
Published on February 6, 2026
