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Brent crude climbs above $106 after Trump Iran snub
The Hindu BusinessLine··7h ago
Brent crude futures rose above $106 a barrel on Monday after US President Donald Trump rejected Iran's proposal on the Strait of Hormuz. At 10.03 am, November Brent oil traded at $106.96, up 2.64 percent. November WTI was at $94.01, up 1.73 percent. Trump told Axios he still expects more talks with Iran this week.
Prism
What It Means For You
- Higher Brent prices feed into Indian fuel and freight cost expectations for the week.
- MCX October crude was at Rs 9054 early Monday, up 2.33 percent from Rs 8848.
- Trump said US forces are still moving substantial oil volumes through the Strait of Hormuz.
What's Happening
- Iran's proposal last week paired reopening Hormuz with lifting of the US economic blockade.
- Trump said on Saturday that he rejected the plan.
- He told Axios Iran wants a deal, but not the deal he wants.
What traders watched Monday morning
- November Brent at $106.96 and WTI at $94.01 set the early tone.
- MCX November crude futures were at Rs 8714 against a previous close of Rs 8530.
- October natural gas on MCX traded at Rs 300.10 early Monday, down from Rs 310.60.
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