Crude oil futures traded higher on Wednesday morning following reports of separate attacks on ships by the Houthis and the US forces in the Bab el-Mandeb Strait and Strait of Hormuz, respectively, according to The Hindu BusinessLine. At 10.01 am on Wednesday, October Brent oil futures were at $89.69, up by 0.88 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $83.99, up by 0.95 per cent.
Attacks reported in West Asia shipping lanes
A Reuters report, quoting Yemen's Transport Ministry, said four crew members were killed in a suspected Houthi attack on a small cargo vessel in the Bab el-Mandeb Strait on Tuesday. Quoting Yemen's Coast Guard, the report added that two Yemeni rescuers from an anti-Houthi military group were also killed in the incident.
Separately, US Central Command said in a post on X that its forces disabled the steering gear of Panama-flagged m.v. Vela Nova as the cargo vessel attempted to transit the Gulf of Oman and violate the US blockade against Iran by sailing toward an Iranian port. According to the same post, a US Navy MH-60 helicopter fired two hellfire missiles into the engine room of the Vela Nova after the ship's civilian crew ignored repeated warnings from American forces.
The ship is no longer transiting to Iran in violation of the US blockade, which remains in full effect.
US Central Command added that, as of August 11, it has redirected 55 commercial vessels attempting to run the blockade, disabled three non-compliant vessels, and boarded two.
Crude oil futures price action
The attacks come as crude futures extended gains across international and Indian exchanges. The Hindu BusinessLine reported the following prices for the initial hour of trading on Wednesday:
| Instrument | Contract | Price | Change on day |
|---|---|---|---|
| Brent crude oil futures | October | $89.69 | +0.88% |
| WTI crude oil futures | September | $83.99 | +0.95% |
| Crude oil futures (MCX) | August | ₹8,021 | +1.02% |
| Crude oil futures (MCX) | September | ₹7,911 | +0.85% |
The August contract on the Multi Commodity Exchange (MCX) traded at ₹8,021 against the previous close of ₹7,940, while the September contract was at ₹7,911 against the previous close of ₹7,844.
Other commodity futures on Indian exchanges
The same report also tracked other contracts traded during the initial hour on Wednesday. On the MCX, August zinc futures were trading at ₹395.40 against the previous close of ₹393.35, up 0.52 per cent. On the National Commodities and Derivatives Exchange (NCDEX), August Mumbai rainfall contracts traded at ₹2,390 against the previous close of ₹2,354, up 1.53 per cent, while August guarseed futures traded at ₹6,092 against the previous close of ₹6,073, up 0.31 per cent.
Market context
The reported attacks in the Bab el-Mandeb Strait and the Gulf of Oman coincide with an active US naval blockade enforcement operation against Iran, which US Central Command said remains in full effect. The price gains recorded across Brent, WTI, and Indian crude futures on Wednesday morning followed these reports, according to The Hindu BusinessLine. The report was published on August 12, 2026.
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