Crude oil futures climbed on Tuesday morning after reports that Iran is planning to adopt a more offensive stance in the ongoing West Asia crisis, according to The Hindu Business Line. October Brent oil futures were at $91.49, up by 0.68 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $84.41, up by 0.80 per cent as of 10.04 am on Tuesday.
Price Action Across Indian Exchanges
The Hindu Business Line reported that on the Multi Commodity Exchange (MCX), August crude oil futures were trading at ₹8,152 during the initial hour of trading on Tuesday, against the previous close of ₹8,063, up by 1.10 per cent. September crude oil futures were at ₹8,105, against the previous close of ₹8,020, up by 1.06 per cent.
The report also tracked other MCX and National Commodities and Derivatives Exchange (NCDEX) contracts:
| Contract | Exchange | Price | Previous Close | Change |
|---|---|---|---|---|
| August crude oil futures | MCX | ₹8,152 | ₹8,063 | +1.10% |
| September crude oil futures | MCX | ₹8,105 | ₹8,020 | +1.06% |
| August natural gas futures | MCX | ₹259.00 | ₹257.90 | +0.43% |
| August cottonseed oilcake | NCDEX | ₹4,310 | ₹4,281 | +0.68% |
| August castorseed futures | NCDEX | ₹7,038 | ₹7,081 | -0.61% |
Iran Threatens 'Timely and Precise' Attack
According to a Reuters report cited by The Hindu Business Line, an unnamed senior official from Iran said the country is preparing for an escalation. The official was quoted as saying:
Iranian entities must be prepared to escalate tensions in the Strait of Hormuz and wider region, as Iran will be ready to make decisions and take action on difficult decisions.
The official said Iran would conduct a 'timely and precise' military attack to break the US naval blockade, if diplomacy failed. The report noted that a memorandum of understanding to finalise a peace agreement, signed between the US and Iran on June 17, expired on August 17 — a factor that has heightened supply concerns around the Strait of Hormuz.
US President and Envoy Respond
On Truth Social, US President Donald Trump posted:
The number one Goal is, and always will be, that Iran cannot have, in any way, shape, or form, a Nuclear Weapon.
Meanwhile, Jared Kushner, US special envoy, told Fox News Channel that conversations between the US government and different areas of the Iranian government are more robust than they have ever been. He did not go into details of those conversations, The Hindu Business Line reported.
Other Commodity Contracts on Indian Exchanges
The Hindu Business Line also reported that August natural gas futures on MCX were trading at ₹259 during the initial hour of Tuesday, against the previous close of ₹257.90, up by 0.43 per cent. On NCDEX, August cottonseed oilcake contracts were trading at ₹4,310 against the previous close of ₹4,281, up by 0.68 per cent, while August castorseed futures were at ₹7,038, against the previous close of ₹7,081, down by 0.61 per cent.
Reference Levels for Traders
For commodity traders and procurement teams, the key contract levels to track, according to The Hindu Business Line, are the October Brent contract at $91.49, the October WTI contract at $84.41, and the MCX August crude oil contract at ₹8,152. The expiration of the US-Iran memorandum of understanding on August 17, together with Iran's reported 'timely and precise' attack threat, are the primary geopolitical developments influencing the market, as detailed in the report published on August 18, 2026.
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