Crude oil futures traded higher on Monday morning after a series of the US and Iranian attacks in West Asia that began on Thursday. However, reports said the US and Iran have stopped attacking each other.
At 10 am on Monday, September Brent oil futures were at $73.27, up by 0.92 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $70.05, up by 1.18 per cent. July crude oil futures were trading at ₹6639 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6577, up by 0.94 per cent, and August futures were trading at ₹6637 against the previous close of ₹6579, up by 0.88 per cent.
Quoting a US official, an Axios report said the US and Iran agreed to stop attacking each other, as the two sides plan to meet Tuesday in Qatar’s capital to work out their dispute over the Strait of Hormuz.
Quoting an unnamed US official, the report said, “We decided to stop all the kinetic activity.” Citing a second official, Axios report said both sides will stand down ‘for now’ and that ‘vessels can move freely’ as technical talks are set to continue.
In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the US and Iran exchanged strikes over the weekend after attacks on vessels transiting the Strait of Hormuz, but have since agreed to pause hostilities ahead of another round of talks in Qatar later this week.
Meanwhile, the Joint Maritime Information Centre raised its threat assessment for vessels navigating the Strait of Hormuz to ‘substantial’. The oil tanker trade group, Intertanko, told its members to avoid sending tankers through the Strait of Hormuz, if possible. Oman also reportedly told European officials that there’s no going back to a pre-war environment in the Strait of Hormuz, and that vessels transiting the strait may have to pay some fees.
They said that all this demonstrates that there’s still plenty of risk facing the oil market. Even so, participants appear to be shrugging off these developments, instead focusing on what a continued recovery in oil flows would mean for the global balance.
“This complacency is odd and clearly leaves significant upside risk if the supply recovery proves slow – or if we see significant re-escalation. While the oil market is technically in oversold territory, momentum appears to still be to the downside,” they added.
July nickel futures were trading at ₹1606 on MCX during the initial hour of trading on Monday against the previous close of ₹1621.70, down by 0.97 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August dhaniya contracts were trading at ₹14850 in the initial hour of trading on Monday against the previous close of ₹14676, up by 1.19 per cent.
July jeera futures were trading at ₹20045 on NCDEX in the initial hour of trading on Monday against the previous close of ₹20200, down by 0.77 per cent.
Published on June 29, 2026
