Crude oil price gains amid reports of US attacks on Iranian island

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November crude oil futures were trading at ₹9183 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹9072, up by 1.22%

By BL Mangaluru Bureau

Updated - November 03, 2026 at 10:28 AM. | Mangaluru

Crude oil futures traded higher on Tuesday morning following reports that US forces attacked an island in Iran. | Photo Credit: iStockphoto

Crude oil futures traded higher on Tuesday morning following reports that US forces attacked an island in Iran.

At 10.01 am on Tuesday, January Brent oil futures were at $105.06, up by 0.28 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $96.90, up by 0.46 per cent. November crude oil futures were trading at ₹9183 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹9072, up by 1.22 per cent, and December futures were trading at ₹9080 against the previous close of ₹8974, up by 1.18 per cent.

Citing US officials, the Wall Street Journal said the US carried out strikes on Qeshm Island in Iran. Quoting officials, some media reports said the attacks on the island in the Strait of Hormuz were defensive in nature. Iran’s IRNA had reported several explosions on Qeshm Island earlier on Monday.

The latest attacks raised concerns about escalation of conflict in West Asia region, impacting crude oil supplies to global market.

In a post on Truth Social, US President Donald Trump said: “Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen!”

This post comes ahead of mid-terms in the US. Trump and his Republican Party are facing criticism over increasing fuel costs. The conflict with Iran is cited as the main reason for this.

November copper futures were trading at ₹1372.20 on MCX during the initial hour of trading on Tuesday against the previous close of ₹1391.95, down by 1.42 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹15644 in the initial hour of trading on Tuesday against the previous close of ₹15536, up by 0.70 per cent.

November castor seed futures were trading at ₹8263 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹8302, down by 0.47 per cent.

Published on November 3, 2026

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