Crude oil futures traded higher on Wednesday morning as there was no sign that the standoff between the US and Iran over reopening the Strait of Hormuz would end soon. The Strait of Hormuz is a vital link for global crude oil shipping.
At 10.03 am on Wednesday, October Brent oil futures were at $91.65, up by 0.69 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $84.72, up by 0.79 per cent. August crude oil futures were trading at ₹8192 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8143, up by 0.60 per cent, and September futures were trading at ₹8133 against the previous close of ₹8088, up by 0.56 per cent.
In a post on Truth Social, US President Donald Trump said: “There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All water mines have been removed or detonated.”
Earlier this week, Iran’s Foreign Minister Abbas Araqchi said that Iran had not decided to resume talks with the US. Iran had asked the US to meet conditions on the Strait of Hormuz in order for shipping to resume in the waterway.
Iran’s Deputy Foreign Minister Kazem Gharibabadi had posted on X that the Strait of Hormuz would be opened and closed only under Iran’s command.
A memorandum of understanding to finalise a peace agreement between the US and Iran, which was signed on June 17, expired on August 17.
September nickel futures were trading at ₹1612.70 on MCX during the initial hour of trading on Wednesday against the previous close of ₹1626.20, down by 0.83 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August cottonseed oilcake contracts were trading at ₹4400 in the initial hour of trading on Wednesday against the previous close of ₹4333, up by 1.55 per cent.
October turmeric (farmer polished) futures were trading at ₹21240 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹21134, up by 0.50 per cent.
Published on August 19, 2026
