A commodities report said tanker vessel movements in the Strait of Hormuz still appear limited
| Photo Credit:
Eli Hartman
Crude oil futures traded higher on Wednesday morning following reports that Iran would not hold direct talks with US representatives in Doha.
At 10.02 am on Wednesday, September Brent oil futures were at $73.22, up by 0.37 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $69.74, up by 0.35 per cent. July crude oil futures were trading at ₹6632 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹6617, up by 0.23 per cent, and August futures were trading at ₹6642 against the previous close of ₹6627, up by 0.23 per cent.
The US team, which is represented by Jared Kushner, son-in-law of US President Donald Trump, and Steve Witkoff, is in Doha now. However, Iran and the host Qatar said the US representatives would meet the mediators, and not the Iranian team.
Earlier this week, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei had stated that Iran will not have any negotiation meetings at any level with the American side in the coming days. He had stated that though Iran is sending its technical delegation to Qatar, this had no relation to the visit of the US team to Doha.
In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said tanker vessel movements in the Strait of Hormuz still appear limited. Total tanker crossings, which include both inbound and outbound movements, are estimated at around 11 on Tuesday, down from a peak of 24 last Wednesday.
There has been a slight pickup in inbound tanker traffic, suggesting that shipowners are becoming increasingly confident about moving vessels into the Persian Gulf, they said.
The latest data from the US EIA (Energy Information Administration) shows that the US boosted crude oil production to a record level in April. Supply climbed to a record 13.93 million barrels a day, up 1.6 per cent month-on-month and 3.5 per cent higher year-on-year.
They said that monthly figures echo the weekly trend, showing total crude and petroleum product exports surging to a new record 13.61 million barrels a day in April, up 1.74 million barrels a day month-on-month and 3.26 million barrels a day year-on-year. The surge in US oil exports has helped the market offset some of the supply losses from the Persian Gulf.
July nickel futures were trading at ₹1576.90 on MCX during the initial hour of trading on Wednesday against the previous close of ₹1593.60, down by 1.05 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were trading at ₹20455 in the initial hour of trading on Wednesday against the previous close of ₹20560, down by 0.51 per cent.
August turmeric (farmer polished) futures were trading at ₹17082 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹17182, down by 0.58 per cent.
Published on July 1, 2026
