Crude oil prices on Multi Commodity Exchange (MCX) opened higher Tuesday, as the intensifying Israel-Iran war increased prospects of disruption in oil supplies from the Middle East.
MCX crude oil prices opened higher at ₹6,189 per barrel as against its previous close of ₹6,171. MCX crude oil June futures prices fell over 2% in the previous session.
At 9:10 AM, MCX crude oil prices were trading 0.34% higher at ₹6,192 per barrel after hitting a high of ₹6,203 level.
In the international market, oil prices climbed over 2% during the day after US President Donald Trump urged “everyone” to evacuate Tehran, increasing the prospect of deepening unrest in the region.
Brent crude futures rose 0.30% to $73.45 a barrel, and US West Texas Intermediate crude gained 0.31% to $71.99 – both having risen more than 2% earlier in the trading session.
Both crude benchmarks settled over 1% lower on Monday amid hopes of easing geopolitical tensions, following media reports suggesting that Iran was seeking to de-escalate hostilities.
However, the situation deteriorated on Tuesday, the fifth day of the conflict, as Iranian media reported explosions and intense air defence activity in Tehran. Meanwhile, air raid sirens were heard in Tel Aviv in response to incoming Iranian missile attacks.
“Traders are also grappling with the prospect of new tariffs from President Trump in the coming weeks and the rapid increase of production quotas by OPEC+, which could significantly impact the oil market,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
According to Trivedi, MCX crude oil June futures may appreciate to ₹6,250 per barrel as the outlook is positive.
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