Crude oil futures rose on Tuesday morning following US President Donald Trump’s call for the evacuation of Tehran amid escalating tensions in the region.
At 9.57 am on Tuesday, August Brent oil futures were at $73.62, up by 0.53 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $70.71, up by 0.65 per cent. June crude oil futures were trading at ₹6,198 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹6,171, up by 0.44 per cent, and July futures were trading at ₹6,092 against the previous close of ₹6,048, up by 0.73 per cent.
In a post on the social media platform Truth Social, Trump said: “Iran should have signed the ‘deal’ I told them to sign. What a shame and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!”
Israel intensified its attack on Iran on Monday. Earlier some media reports had indicated that Iran has been signalling to end the conflict in the region and to resume negotiations on nuclear programme. These reports led to a volatile session in the crude oil market on Monday. Iran is one of the major crude oil producing countries in the world.
OPEC’s (Organisation of the Petroleum Exporting Countries) oil market report for June said that global oil demand growth for 2025 is forecast at 1.3 million barrels a day year-on-year (y-o-y), unchanged from the previous month’s assessment.
In terms of products, world oil demand in 2025 is expected to continue to be driven by strong air travel demand with a projected growth of around 4,50,000 barrels a day in jet kerosene and healthy road mobility, with gasoline demand forecast to grow by around 3,80,000 barrels a day, y-o-y.
The report said that the forecast for global oil demand growth in 2026 again shows robust growth of about 1.3 million barrels a day, y-o-y. In terms of products, transportation fuels, jet/kerosene and gasoline are projected to continue to drive oil demand growth in 2026 by around 3,70,000 barrels a day, y-o-y, each, it said.
June natural gas futures were trading at ₹323 on MCX during the initial hour of trading on Tuesday against the previous close of ₹320.30, up by 0.84 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), June turmeric (famer polished) contracts were trading at ₹14,278 in the initial hour of trading on Tuesday against the previous close of ₹14,198, up by 0.56 per cent.
July jeera futures were trading at ₹19.200 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹19,240, down by 0.21 per cent.
Published on June 17, 2025