Crude oil futures traded higher on Monday morning after the US launched attacks on nuclear sites in Iran over the weekend.

At 9.51 am on Monday, September Brent oil futures were at $76.91, up by 1.89 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $75.33, up by 2.02 per cent. July crude oil futures were trading at ₹6,544 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6,404, up by 2.19 per cent, and August futures were trading at ₹6,406 against the previous close of ₹6,270, up by 2.17 per cent.

US enters conflict

US forces launched strikes on three nuclear sites in Iran over the weekend. Entry of the US in the Israel-Iran conflict has increased concerns over oil supply disruptions. Media reports said that Iran’s Parliament has decided to close Strait of Hormuz in response to US strikes on Iran. However, a final decision on closing this will be taken by Iran’s Supreme National Security Council and Supreme Leader. Around one-fifth of world’s crude cargo passes through Strait of Hormuz. Iran is the third largest producer of crude oil.

In a series of posts on the social media platform Truth Social, US President Donald Trump said any retaliation by Iran against the US will be met with force far greater than what was witnessed over the weekend.

On US strikes on Iranian targets, he said: “Monumental Damage was done to all Nuclear sites in Iran, as shown by satellite images. Obliteration is an accurate term! The white structure shown is deeply imbedded into the rock, with even its roof well below ground level, and completely shielded from flame. The biggest damage took place far below ground level. Bullseye!!!”

In another post, he said: “It’s not politically correct to use the term, ‘Regime Change’, but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn’t there be a Regime change??? MIGA!!!”

July natural gas futures were trading at ₹348.50 on MCX during the initial hour of trading on Monday against the previous close of ₹342.10, up by 1.87 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), July guargum contracts were trading at ₹9,500 in the initial hour of trading on Monday against the previous close of ₹9,558, down by 0.61 per cent.

July jeera futures were trading at ₹18,900 on NCDEX in the initial hour of trading on Monday against the previous close of ₹19,030, down by 0.68 per cent.

Published on June 23, 2025