Crude oil futures traded higher on Friday morning amid reports of escalating tensions in West Asia and reports that the US was considering plans to attack Iran after the US mid-term elections.
Crude oil futures rise across markets
At 10.01 am on Friday, December Brent oil futures were at $113.73, up by 0.49 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $100.17, up by 0.70 per cent. November crude oil futures were trading at ₹9522 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹9484, up by 0.40 per cent, and December futures were trading at ₹9378 against the previous close of ₹9344, up by 0.36 per cent.
In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy at ING Think, and Ewa Manthey, Commodities Strategist, said oil prices surged on Thursday, with front-month ICE Brent settling 4 per cent higher at just above $113 a barrel.
“The rally is being driven less by current fundamentals than by mounting supply concerns. Markets are increasingly worried about renewed escalation in the Persian Gulf, a scenario that could threaten oil flows that have so far remained remarkably resilient,” they said.
Renewed tensions raise supply concerns
Reports suggest US President Donald Trump is considering fresh strikes on Iran, while the US is reinforcing its military presence in the region with the deployment of a second aircraft carrier. Reports also say US troops have been evacuated from some bases in West Asia.
“Clearly, these developments don’t paint an optimistic picture. They call into question our long-held view that the US mid-term elections would bring de-escalation and normalisation in flows and oil prices. If anything, re-escalation seems the most likely path. As a result, our expectation that ICE Brent would average $80 a barrel over the fourth quarter of 2026 is looking unattainable. Even if tensions don’t re-escalate, the mere possibility is likely to keep a sizeable geopolitical risk premium embedded in prices,” they said.
Trump blames Iran for rising oil prices
Meanwhile, Trump blamed Iran for rising oil prices. In a post on Truth Social, Trump said: “Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election. They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict. They continue to kill protestors, and anyone else that happens to be in their way. It is truly an Evil Regime, and I can only hope the American Public, and the World, understands how EVIL they are! 75,000 protestors lie dead in less than seven months. It is shocking how the World, and the Dumocrat Party, seem not to care. IRAN CAN NEVER HAVE A NUCLEAR WEAPON, AND THEY WILL NEVER HAVE A NUCLEAR WEAPON!”
November natural gas futures were trading at ₹298.80 on MCX during the initial hour of trading on Friday against the previous close of ₹305, down by 2.03 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹26,760 in the initial hour of trading on Friday against the previous close of ₹26,596, up by 0.62 per cent.
December dhaniya futures were trading at ₹17,276 on NCDEX in the initial hour of trading on Friday against the previous close of ₹17,320, down by 0.25 per cent.
Published on October 23, 2026
