Crude oil futures traded higher on Monday morning as Israel and Iran continued attacks on each other over the weekend.
At 9.56 am on Monday, August Brent oil futures were at $75.06, up by 1.12 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $72.13, up by 1.18 per cent. June crude oil futures were trading at ₹6364 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6,285, up by 1.25 per cent, and July futures were trading at ₹6,231 against the previous close of ₹6,161, up by 1.15 per cent.
Escalation in tensions between Israel and Iran over the weekend raised concerns about crude oil supply disruptions to the global market. Iran is one of the major producers of crude oil.
Israel attacked the South Pars gas field over the weekend, leading to the shutdown of a production platform. Israel had attacked Iran’s nuclear facilities and military leadership last week.
Crude oil prices closed 7 per cent higher on Friday due to the latest geopolitical developments, after surging over 13 per cent intra-day.
Meanwhile, US President Donald Trump posted on the social media platform Truth Social that Iran and Israel should make a deal, and will make a deal.
A Reuters report said Iran has told mediators Qatar and Oman that it is not open to negotiating a ceasefire while under Israeli attack.
Latest data released by the National Bureau of Statistics of China showed an increase in retail sales in China in May. China’s retail sales increased by 6.4 per cent year-on-year in May 2025 against 5.1 per cent April 2025. Market was expecting it to grow by 5 per cent.
However, China’s industrial production increased by 5.8 per cent in May 2025 against 6.1 per cent growth in April. Market was expecting it to grow by 5.9 per cent. China is one of the major consumers of crude oil.
June natural gas futures were trading at ₹314.90 on MCX during the initial hour of trading on Monday against the previous close of ₹307.80, up by 2.31 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), June jeera contracts were trading at ₹19170 in the initial hour of trading on Monday against the previous close of ₹19485, down by 1.62 per cent.
June turmeric (farmer polished) futures were trading at ₹14098 on NCDEX in the initial hour of trading on Monday against the previous close of ₹14386, down by 2 per cent.