Brent crude oil futures traded lower on Tuesday morning as markets awaited clarity on the US-Iran peace deal, according to The Hindu Business Line. At 10.06 am on Tuesday, August Brent oil futures on the Intercontinental Exchange (ICE) were at $82.92, down by 0.30 per cent, while July crude oil futures on WTI (West Texas Intermediate) on the New York Mercantile Exchange (NYMEX) were at $80.65, down by 0.12 per cent.
Price movements across key contracts
| Contract | Exchange | Price | Change |
|---|---|---|---|
| August Brent | ICE | $82.92/bbl | -0.30% |
| July WTI | NYMEX | $80.65/bbl | -0.12% |
| June crude | MCX | ₹7,633/bbl | +0.20% |
| July crude | MCX | ₹7,540/bbl | +0.24% |
| June aluminium | MCX | ₹353.80/unit | -0.84% |
| June turmeric (farmer polished) | NCDEX | ₹16,330/unit | +1.23% |
| June jeera | NCDEX | ₹19,945/unit | +1.04% |
Fundamental driver: absence of deal details
The primary reason for the cautious price action, the report said, is that neither the US nor Iran has released details of the memorandum of understanding despite the announcement of a peace deal by US President Donald Trump. This lack of transparency has made market participants cautious, according to the source.
Supply-side signals from Trump's social media posts
In a post on the social media platform Truth Social, President Donald Trump stated: “Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern “Highway,” which is totally safe, secure, and pristine. There are other areas of travel, also!!!” In another post, he said Iran has agreed to never have a nuclear weapon.
These statements imply a potential easing of supply restrictions from the key Strait of Hormuz chokepoint, but the market is awaiting official confirmation.
Iran's position: final agreement not yet reached
Iran’s President Masoud Pezeshkian posted a series of messages on X explaining the status. He said: “After intensive discussions, nearly all members of the Supreme Council agreed with the memorandum of understanding so that the genuine determination of the United States to respect the rights of the Iranian nation can be tested in practice.” He added that “the drafted memorandum of understanding is the result of months of dialogue and continuous follow-up on this matter. If all of its provisions are properly implemented, it can be regarded as a source of pride for the country. What has been agreed upon is an important step toward stopping the war and beginning negotiations, and a final agreement has not yet been reached.”
“What has been agreed upon is an important step toward stopping the war and beginning negotiations, and a final agreement has not yet been reached.” — Iran’s President Masoud Pezeshkian, via X, June 15, 2026
Other commodities on Indian exchanges
On the Multi Commodity Exchange (MCX), June aluminium futures were trading at ₹353.80 during the initial hour on Tuesday against the previous close of ₹356.80, down by 0.84 per cent. On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (farmer polished) contracts were at ₹16,330, up by 1.23 per cent from the previous close of ₹16,132. June jeera futures were at ₹19,945, up by 1.04 per cent from the previous close of ₹19,740.
Implications for traders and analysts
For commodity traders and procurement teams, the lack of specific terms in the US-Iran peace deal introduces uncertainty into oil supply projections. While Trump’s comments suggest increased tanker traffic from the Strait of Hormuz, Iran’s insistence that no final agreement exists leaves the door open to renewed tensions. Traders should watch for any official release of the memorandum of understanding and for further commentary from both governments. The price differential between Brent and WTI contracts (Brent at $82.92, WTI at $80.65) also highlights regional supply-demand nuances that may evolve as more clarity emerges.
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