Crude oil futures traded higher on Friday morning following reports that Iran intends to ban the US and Israeli ships from transiting the Strait of Hormuz.
At 10.02 am on Friday, October Brent oil futures were at $83.91, up by 1.72 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $78.44, up by 1.49 per cent. August crude oil futures were trading at ₹7488 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹7377, up by 1.50 per cent, and September futures were trading at ₹7402 against the previous close of ₹7295, up by 1.47 per cent.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices rallied on Thursday, with ICE Brent settling 3.8 per cent higher on the day, taking it back above $82 a barrel. This strength continued in early morning trading on Friday. “Developments over the last 24 hours or so demonstrate once again that negotiations between the US and Iran are unlikely to proceed smoothly,” they said.
There are suggestions that Iran wants to ban US and Israeli ships from the Strait of Hormuz, while also seeking compensation from hostile countries before they can use the strait again. In addition, Iran still wants to charge fees for ships transiting the Strait of Hormuz, in the form of service fees rather than a toll. “There doesn’t seem to be much of a compromise, which ultimately makes it more difficult to reach a sustainable deal,” they said.
Despite clear signs of progress in recent days, the tenor of the rhetoric and growing distrust between the US and Iran mean things could go from bad to worse once again. “For now, we hold onto our view that flows will start to normalise through the third quarter, which leaves us expecting Brent to average $80 a barrel this quarter. However, there’s plenty of risk and uncertainty to this view,” they said.
Speaking to reporters on Thursday, US President Donald Trump said the war with Iran would be over soon. “I think it’s going to end pretty soon. I don’t think they can go much longer,” he said.
To a query on the status of munitions stockpiles, Trump said, “We have certain types of munitions that are very powerful, that we have unlimited, virtual unlimited supply. We have others where it’s a little bit tighter.”
August aluminium futures were trading at ₹352.40 on MCX during the initial hour of trading on Friday against the previous close of ₹349.20, up by 0.92 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹20686 in the initial hour of trading on Friday against the previous close of ₹21546, down by 3.99 per cent.
August dhaniya futures were trading at ₹14950 on NCDEX in the initial hour of trading on Friday against the previous close of ₹15026, down by 0.51 per cent.
Published on August 7, 2026
