Brent crude oil futures traded higher on Monday morning as uncertainty over efforts to end the conflict in West Asia continued, according to The Hindu Business Line. At 10.11 am on Monday, October Brent oil futures were at $88.65, up by 0.15 per cent, while October crude oil futures on WTI (West Texas Intermediate) were at $81.39, down by 0.10 per cent. The muted price action in crude came as geopolitical risk premium remained elevated on fresh statements from Iranian officials over the Strait of Hormuz.
Crude Oil Futures: A Mixed Session
In the Indian market, crude oil futures on the Multi Commodity Exchange (MCX) opened lower. August crude oil futures were trading at ₹7,860 during the initial hour on Monday against the previous close of ₹7,870, down by 0.13 per cent, The Hindu Business Line reported. September futures were at ₹7,806 against the previous close of ₹7,810, down by 0.05 per cent.
| Contract | Venue | Price | Previous Close | Change |
|---|---|---|---|---|
| October Brent crude oil | International | $88.65 | — | +0.15% |
| October WTI crude oil | International | $81.39 | — | -0.10% |
| August crude oil futures | MCX | ₹7,860 | ₹7,870 | -0.13% |
| September crude oil futures | MCX | ₹7,806 | ₹7,810 | -0.05% |
| August natural gas futures | MCX | ₹255.30 | ₹263.70 | -3.19% |
| August turmeric (farmer polished) | NCDEX | ₹20,212 | ₹19,752 | +2.33% |
| August guargum futures | NCDEX | ₹11,650 | ₹11,480 | +1.48% |
West Asia Uncertainty: Iran's Statements Weigh on Supply Outlook
The key supply-side driver behind the crude move is continued uncertainty over the Strait of Hormuz. Iran's Foreign Minister Abbas Araqchi told Iranian news outlet Shahdara News that Iran had not decided to resume talks with the US, The Hindu Business Line reported. In an interview published on Saturday, he said the US must meet conditions on the Strait of Hormuz in order for shipping to resume in the waterway.
In a post on X, Iran's Deputy Foreign Minister Kazem Gharibabadi hardened the tone:
This strait will be opened and closed only under Iran's command, and so long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade.
US President Donald Trump, speaking at a political rally in New York on Friday, said that 'paying a tiny little bit more' for gasoline is worth the cost of ensuring a 'very evil country' could not have a nuclear weapon. "After we finish defeating Iran ... pretty soon I'll be declaring the Hormuz Strait a territory of the United States," he said. These statements, reported by The Hindu Business Line, underline the heightened geopolitical risk in the region.
Other Commodities: Natural Gas Slides, Turmeric and Guargum Gain
Beyond crude, August natural gas futures on MCX were trading at ₹255.30 during the initial hour on Monday against the previous close of ₹263.70, down by 3.19 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹20,212 against the previous close of ₹19,752, up by 2.33 per cent. August guargum futures were trading at ₹11,650 against the previous close of ₹11,480, up by 1.48 per cent.
Implications for Commodity Traders
The divergence between Brent and WTI futures — Brent edging up while WTI eased — reflects the regional nature of the supply risk tied to the Strait of Hormuz, a chokepoint for West Asian crude exports. For traders tracking the spread, the Iranian statements on resuming talks and the blockade enforce shipping risk directly into freight and crude valuations. The MCX natural gas decline and the gains in turmeric and guargum also show that commodity markets remain responsive to domestic supply-demand factors, even as geopolitical headlines dominate crude. The Hindu Business Line published the report on August 17, 2026, with data captured during the initial hour of trading on Monday.
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