Crude oil price rise on reports of potential US military action against Iran

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At 10.03 am on Friday, December Brent oil futures were at $116.04, up by 1.01%, and December crude oil futures on WTI were at $103.14, up by 1.12%

By BL Mangaluru Bureau

Updated - October 30, 2026 at 10:40 AM. | Mangaluru, October 30

Crude oil futures traded higher on Friday morning following reports that the US was planning to resume military operations against Iran. | Photo Credit: iStockphoto

Crude oil futures traded higher on Friday morning following reports that the US was planning to resume military operations against Iran.

At 10.03 am on Friday, December Brent oil futures were at $116.04, up by 1.01 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $103.14, up by 1.12 per cent. November crude oil futures were trading at ₹9827 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹9709, up by 1.22 per cent, and December futures were trading at ₹9700 against the previous close of ₹9587, up by 1.18 per cent.

Citing US officials, a Wall Street Journal report said the top US commander in West Asia briefed US President Donald Trump on Thursday on military options for Iran. US Central Command Chief Admiral Brad Cooper, along with Defence Secretary Pete Hegseth and other senior officials, briefed Trump on military options for Iran, it said.

Market reports said a potential escalation in tensions in West Asia could lead to oil supply disruptions.

Meanwhile, the Houthis said on Thursday that they had attacked several sites in Saudi Arabia, including Ras Tanura oil refinery, the Rabigh refinery and an Aramco facility in Abqaiq. Saudi Arabia said it had intercepted a cruise missile launched by the Houthis towards its western region.

November natural gas futures were trading at ₹277.70 on MCX during the initial hour of trading on Friday against the previous close of ₹281.80, down by 1.45 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹269.50 in the initial hour of trading on Friday against the previous close of ₹267.62, up by 0.70 per cent.

November jeera futures were trading at ₹26340 on NCDEX in the initial hour of trading on Friday against the previous close of ₹26255, up by 0.32 per cent.

Published on October 30, 2026

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