Crude oil futures traded decrease on Tuesday morning after US President Donald Trump mentioned that he known as off a proposed army strike on Iran following requests from his allies in West Asia.
At 9.06 am on Tuesday, July Brent oil futures have been at $109.80, down by 2.05 per cent, and July crude oil futures on WTI (West Texas Intermediate) have been at $102.70, down by 1.61 per cent. June crude oil futures have been buying and selling at ₹9922 on Multi Commodity Trade (MCX) throughout the preliminary hour of buying and selling on Tuesday towards the earlier shut of ₹9924, down by 0.02 per cent, and July futures have been buying and selling at ₹9481 towards the earlier shut of ₹9505, down by 0.25 per cent.
In a submit on the social media platform Reality Social, Trump mentioned: “I’ve been requested by the Emir of Qatar, Tamim bin Hamad Al Thani, the Crown Prince of Saudi Arabia, Mohammed bin Salman Al Saud, and the President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, to carry off on our deliberate Army assault of the Islamic Republic of Iran, which was scheduled for tomorrow, in that critical negotiations are actually happening, and that, of their opinion, as Nice Leaders and Allies, a Deal might be made, which might be very acceptable to the USA of America, in addition to all International locations within the Center East, and past.”
Trump mentioned this deal will embody ‘no nuclear weapons for Iran’. “Based mostly on my respect for the above talked about Leaders, I’ve instructed Secretary of Conflict, Pete Hegseth, The Chairman of The Joint Chiefs of Workers, Common Daniel Caine, and The USA Army, that we’ll NOT be doing the scheduled assault of Iran tomorrow, however have additional instructed them to be ready to go ahead with a full, giant scale assault of Iran, on a second’s discover, within the occasion that an appropriate Deal just isn’t reached,” he mentioned.
Of their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Technique of ING Suppose, and Ewa Manthey, Commodities Strategist, mentioned the oil market continues to commerce in large ranges, and it stays extraordinarily delicate to Iran-related headlines amid present provide disruptions. Costs whipsawed after extra aggressive rhetoric from Trump coming into this week, adopted by reviews that the US provided a short lived sanction waiver on Iranian oil till an settlement between the US and Iran is reached. The US has not confirmed these reviews. In the meantime, Trump mentioned he held off on strikes on Iran, scheduled for at this time, after strain from various Gulf international locations, with ‘critical negotiations’ now happening.
“One would possibly assume the oil market would turn into more and more numb to those headlines. Nevertheless, the size of provide disruptions is important and rising extra regarding every day that oil flows stay halted,” they mentioned.
The US prolonged a waiver that expired over the weekend, permitting the sale of Russian oil floating at sea for one more 30 days. It permits gross sales till June 17, with the purpose of stabilising oil markets amid vital losses within the Persian Gulf. The extension might be welcomed by Asian consumers, who’re most uncovered to the continued disruptions in West Asia, they mentioned.
The most recent information from China present the influence of the continued provide disruptions on the home oil sector. Refineries in April processed 13.35 million barrels a day of crude oil, down 5.8 per cent year-on-year and the bottom stage since August 2024. Obvious oil demand additionally got here beneath strain, falling 5.8 per cent year-on-year to 13.03 million barrels a day, they mentioned.
Revealed on Could 19, 2026
