Crude oil futures traded higher on Tuesday morning as the attacks in the Red Sea region raised fears of oil supply disruptions in the coming days.
At 9.52 am on Tuesday, March Brent oil futures were at $78.28, up by 1.61 per cent; and February crude oil futures on WTI (West Texas Intermediate) were at $72.69, up by 1.45 per cent.
January crude oil futures were trading at ₹6,074 on the Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning, against the previous close of ₹6,027, up by 0.78 per cent; and February futures were trading at ₹6,115, as against the previous close of ₹6,069, up by 0.76 per cent.
On Sunday, US Navy helicopters destroyed three boats belonging to the Houthis in the Red Sea region. Reports said crew members in these boats were attempting to board a container ship. A Reuters report citing American, Maersk, and Houthi officials said 10 militants were killed in the incident.
The Houthis are continuing attacks on merchant vessels in the Red Sea region in retaliation of the Israel-Hamas war. Iran, which has been backing the Houthis, has ruled out ending its support to them.
Meanwhile, the Iranian news agency IRNA said the Iranian Navy’s 94th flotilla of warships, comprising of the Alborz destroyer, entered the Red Sea on Monday amid heightening tensions on this maritime route. The flotilla’s arrival comes amid rising tensions, following Yemen’s retaliatory attacks on Israeli-owned and -bound vessels in support of the Palestinians in the Gaza strip, the IRNA report said.
January natural gas futures were trading at ₹220.80 on MCX in the initial trading hour of Tuesday morning, against the previous close of ₹213.90, up by 3.23 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), January cottonseed oilcake contracts were trading at ₹2,713 in the initial trading hour of Tuesday morning, against the previous close of ₹2,722, down by 0.33 per cent.
January jeera futures were trading at ₹29,000 on NCDEX in the initial trading hour of Tuesday morning, against the previous close of ₹29,260, down by 0.89 per cent.
