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Crude oil futures traded higher on Friday morning as Israel indicated that it is preparing for scenarios in other areas than Gaza.
At 9.56 am on Friday, June Brent oil futures were at $90.25, up by 0.57 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $85.63, up by 0.72 per cent.
April crude oil futures were trading at ₹7,140 on Multi Commodity Exchange (MCX) during initial trading on Friday morning against the previous close of ₹7,109, up by 0.44 per cent, and May futures were trading at ₹7,103 against the previous close of ₹7,068, up by 0.50 per cent.
Ayatollah Ali Khamenei’s comments
Comments released by the office of Israeli Prime Minister Benjamin Netanyahu on Thursday said, “Whoever harms us, we will harm them. We are prepared to meet all of the security needs of the State of Israel, both defensively and offensively.” This statement was released after he visited the Tel Nof air force base in southern Israel.
His comments assume significance amid reports that Iran is preparing to attack Israel over the recent attacks on Iranian embassy in Damascus. Iran suspects that Israel was behind this attack in which Iran lost its senior military officials.
Though Israel did not claim responsibility for this attack, supreme leader of Iran Ayatollah Ali Khamenei said on Wednesday that “Israel must be punished for the attack”. This statement comes at a time when Israel and Hamas are engaged in a war.
Further escalation of tensions in West Asia could impact the crude oil supply situation in the world market.
Rate cut unlikely now
Meanwhile, market reports indicated that US Federal Reserve is unlikely to cut interest rates in the near future considering the inflation in that country.
Speaking to media, New York Fed President John Williams said there is no clear need to adjust monetary policy in the very near term. The Boston Fed President, Susan Collins, said the recent data suggest it may take more time than previously thought to gain greater confidence in inflation’s downward trajectory, before beginning to ease policy. A reduction in interest rates would make commodities such as crude oil cheaper in the global market.
Turmeric, jeera drop
April zinc futures were trading at ₹247.20 on MCX during the initial hour of trading on Friday morning against the previous close of ₹243.50, up by 1.52 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April turmeric (farmer polished) contracts were trading at ₹15,962 in the initial hour of trading on Friday morning against the previous close of ₹16,322, down by 2.21 per cent.
April jeera futures were trading at ₹23,310 on NCDEX in the initial hour of trading on Friday morning against the previous close of ₹23,600, down by 1.23 per cent.
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