Crude oil futures traded higher on Tuesday morning as uncertainty over the proposed talks between the US and Iran persisted, according to The Hindu BusinessLine. At 10.02 am on Tuesday, October Brent oil futures were at $84.87, up by 1.31 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $81.11, up by 0.96 per cent. On the Multi Commodity Exchange (MCX), August crude oil futures were trading at ₹7733 during the initial hour of trading against the previous close of ₹7645, up by 1.15 per cent.
US-Iran talks in focus
The price move followed a weekend post by US President Donald Trump in which he stated that the US cancelled the planned attack on Iran to make a peace deal, The Hindu BusinessLine reported. Iran's foreign ministry spokesperson, Esmaeil Baqaei, said his country was not in negotiations with the US. In a post on Truth Social, Trump said the "Iranian Leadership is unbelievably duplicitous", claimed that Iran is dealing only with "Oman", and said the Strait of Hormuz is "completely controlled by the United States Navy" under a "Blockade" or, as he put it, "The United States Wall of Steel!" He added: "IRAN WILL NEVER HAVE A NUCLEAR WEAPON!"
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, cautioned that the situation has played out repeatedly:
We've been in this situation multiple times before, only to see things unravel. With Iran denying that any talks are underway and Trump issuing warnings if no deal materialises, the backdrop clearly leaves ample room for a renewed escalation.
Black Sea supply risks
Separately, recent days have seen more loading activity at the CPC terminal, which ships Kazakh oil from Russia's coast, according to the ING Think strategists cited by The Hindu BusinessLine. Loadings had been disrupted in recent weeks amid ongoing Ukrainian attacks on Russian energy infrastructure. There have also been risks for oil tankers operating in and around the terminal, leaving shipowners hesitant to load. For now, flows into the terminal still appear to be running below normal levels, Patterson and Manthey said.
Other commodity moves on MCX and NCDEX
The same trading session on Tuesday saw gains across other contracts tracked by The Hindu BusinessLine. On MCX during the initial hour of trading, August copper futures were trading at ₹1357.40 against the previous close of ₹1347.25, up by 0.75 per cent. On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹22470 against the previous close of ₹22393, up by 0.35 per cent, while August guargum futures were trading at ₹11695 against the previous close of ₹11766, down by 0.60 per cent.
| Contract | Exchange | Price | Previous close | Change |
|---|---|---|---|---|
| Brent crude oil (October) | — | $84.87 | — | +1.31% |
| WTI crude oil (September) | — | $81.11 | — | +0.96% |
| Crude oil (August) | MCX | ₹7733 | ₹7645 | +1.15% |
| Crude oil (September) | MCX | ₹7545 | ₹7461 | +1.13% |
| Copper (August) | MCX | ₹1357.40 | ₹1347.25 | +0.75% |
| Turmeric farmer polished (August) | NCDEX | ₹22470 | ₹22393 | +0.35% |
| Guargum (August) | NCDEX | ₹11695 | ₹11766 | -0.60% |
Price outlook
The ING Think strategists noted that the current backdrop "clearly leaves ample room for a renewed escalation" because Iran denies any talks are underway while Trump has issued warnings if no deal materialises. On the supply side, Black Sea loadings at the CPC terminal remain below normal levels, with tanker risks and Ukrainian attacks on Russian energy infrastructure keeping shipowners hesitant, according to the same Commodities Feed. The Hindu BusinessLine published the report on August 4, 2026.
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