Crude oil futures edged lower on Tuesday morning as markets awaited clarity on the proposed peace talks between the US and Iran in Doha. At 9.33 am on Tuesday, September Brent oil futures were at $73.66, down by 0.34 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $70.41, down by 0.48 per cent, according to The Hindu Business Line. On the Multi Commodity Exchange (MCX), July crude oil futures traded at ₹6,681 against the previous close of ₹6,728, down 0.70 per cent, and August futures were at ₹6,678 against ₹6,723, down 0.67 per cent.
Geopolitical Backdrop
The price declines follow a weekend of attacks by the US and Iran on each other's targets in West Asia, as reported by The Hindu Business Line. US President Donald Trump posted on Truth Social on Monday that a meeting between the US and Iran would take place in Doha on Tuesday following a request by Iran in this regard. However, Iran's Foreign Ministry spokesperson Esmaeil Baghaei said that while Iran is sending its technical delegation to Qatar, this had no relation to the visit of the American team to Doha. A Reuters report quoted Baghaei stating, "We will not have any negotiation meetings at any level with the American side in the coming days."
Supply Risks and Strait of Hormuz
On Monday, French President Emmanuel Macron said that he was working with Oman to de-escalate tensions and would cooperate with partners to de-mine the Strait of Hormuz, a critical chokepoint for global oil shipments. In response, Iran's Deputy Foreign Minister Kazem Gharibabadi asserted that the removal of mines was to be carried out solely by Iran according to the 14-point plan, according to The Hindu Business Line. This indicates continued Iranian control over the strait's security, adding to supply uncertainty.
Market Implications
The conflicting signals — Trump's announcement of talks versus Iran's denial — have left traders uncertain about the near-term direction for crude. With no negotiation meetings expected in the coming days, according to Iranian officials, the market is likely to remain focused on potential supply disruptions from the Strait of Hormuz and further military escalation. The Hindu Business Line reported that markets awaited clarity.
Price Snapshot
| Contract | Exchange | Price | Change % |
|---|---|---|---|
| September Brent | ICE | $73.66 | -0.34% |
| August WTI | NYMEX | $70.41 | -0.48% |
| July Crude Oil | MCX | ₹6,681 | -0.70% |
| August Crude Oil | MCX | ₹6,678 | -0.67% |
| July Menthaoil | MCX | ₹1,075.30 | +1.56% |
Other Energy Markets
In contrast to crude, July menthaoil futures on MCX traded higher, at ₹1,075.30 during the initial hour on Tuesday against the previous close of ₹1,058.80, up 1.56 per cent, as per the report. This divergence highlights varied sentiment across energy derivatives. The article was published on June 30, 2026, with data from that morning's trading session.
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