Crude oil futures traded higher on Thursday morning after US forces continued attacks on Iranian targets for a second straight day, according to a report by BL Mangaluru Bureau on The Hindu Business Line. At 10.06 am on Thursday, September Brent oil futures were at $78.89, up by 1.12%, and August crude oil futures on WTI (West Texas Intermediate) were at $74.36, up by 1.14%.
Price Movements Across Exchanges
| Contract | Exchange | Price | Change vs Previous Close |
|---|---|---|---|
| September Brent | ICE | $78.89 | +1.12% |
| August WTI | NYMEX | $74.36 | +1.14% |
| July crude oil | MCX (₹) | ₹7,123 | +0.71% |
| August crude oil | MCX (₹) | ₹7,122 | +0.62% |
On the Multi Commodity Exchange (MCX), July crude oil futures were trading at ₹7,123 during the initial hour of trading on Thursday against the previous close of ₹7,073, up by 0.71%, and August futures were trading at ₹7,122 against the previous close of ₹7,078, up by 0.62%.
US Military Strikes and Strait of Hormuz Disruption
A statement by the US Central Command said that its forces completed an additional round of strikes against Iran on July 8, to further degrade Iran’s ability to attack commercial shipping and innocent civilian mariners in the Strait of Hormuz. US forces struck approximately 90 Iranian military targets, including:
- Air defence systems
- Coastal surveillance assets
- Missile and drone storage sites
- Naval capabilities
- Military logistics infrastructure along Iran’s coastline
The latest strikes follow the successful execution of offensive strikes in Iran the night before. It said the forces hit approximately 80 Iranian military targets on July 7, including more than 60 Islamic Revolutionary Guard Corps small boats, to impose heavy costs for Iran violating the ceasefire by attacking three commercial vessels navigating the Strait of Hormuz.
Vessel tracking data shows that Strait of Hormuz tanker crossings declined to just seven on Wednesday, the lowest level since June 21. This compares to a daily average of 18 over the first seven days of July.
ING Think Analysis: Ceasefire 'on Life Support'
In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the oil market has continued to rally as the ceasefire between the US and Iran appears to be on life support. ICE Brent settled 5.2% higher on Wednesday at a little over $78/barrel, with further upside expected on Thursday following additional US strikes against Iran in response to its earlier attacks on several vessels navigating the Strait of Hormuz.
US President Donald Trump said he considers the ceasefire with Iran to be over, while also threatening to reimpose a blockade on Iranian ports. This would be more impactful for oil markets than the recent revocation of a sanction waiver on Iranian oil, they said. Iran has vowed to respond to these recent strikes, with reports that US military bases in the region will be targeted. Key for the oil outlook is whether the US and Iran are able to quickly de-escalate this latest rise in tensions.
“The past few days’ price action makes one thing clear: markets were far too relaxed about the risks surrounding the deal -- and far too bullish on how quickly regional supply could rebound,” the ING Think strategists wrote.
Other Commodities on MCX and NCDEX
July menthaoil futures were trading at ₹1,221 on MCX during the initial hour of trading on Thursday against the previous close of ₹1,205.20, up by 1.31%. On the National Commodities and Derivatives Exchange (NCDEX), July guargum contracts were trading at ₹11,854 in the initial hour of trading on Thursday against the previous close of ₹11,667, up by 1.60%. July Mumbai rainfall futures were trading at ₹2,550 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹2,579, down by 1.12%.
For traders, the immediate focus remains on any further military escalation or diplomatic de-escalation, as well as the trajectory of tanker crossings through the Strait of Hormuz. The sharp decline in crossings — from an 18-vessel daily average to just seven — underscores the real-time supply risk that is now priced into crude oil futures.
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