Crude oil futures traded higher on Monday morning due to geopolitical tensions and the European Commission’s plans to impose sanctions against Russia.
At 9.55 am on Monday, November Brent oil futures were at $67.10, up by 0.63 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $62.78, up by 0.61 per cent.
October crude oil futures were trading at ₹5553 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5527, up by 0.47 per cent, and November futures were trading at ₹5537 against the previous close of ₹5511, up by 0.47 per cent.
News reports said that Polish aircraft were deployed on Saturday after Russia launched airstrikes on Ukraine near the border with Poland.
Reports said that three Russian military aircraft violated Estonia’s airspace for 12 minutes on Friday. On Sunday, Germany reported that a Russian military plane entered neutral airspace over the Baltic Sea.
On Sunday, Britain, Canada, Australia and Portugal recognised a Palestinian state. This prompted a furious response from Israel.
These geopolitical developments have created tensions in key oil producing regions in Europe and West Asia.
On Friday, the European Commission proposed its 19th package of sanctions against Russia. These sanctions include penalties on traders, refineries, and petrochemical firms in third countries that violate existing rules on Russian energy imports.
The proposal also seeks to list 118 vessels as part of ‘shadow fleet’ of Russia. Reports said that European Union is planning to advance a ban on imports of liquefied natural gas from Russia.
October natural gas futures were trading at ₹284.40 on MCX during the initial hour of trading on Monday against the previous close of ₹282.20, up by 0.78 per cent.
On the National Commodities and Derivatives Exchange (NCDEX),October turmeric (farmer polished) contracts were trading at ₹12400 in the initial hour of trading on Monday against the previous close of ₹12336, up by 0.52 per cent.
December cottonseed oilcake futures were trading at ₹2914 on NCDEX in the initial hour of trading on Monday against the previous close of ₹2904, up by 0.34 per cent.
Published on September 22, 2025