Crude oil futures climbed on Friday morning as reports of possible US military action against Iran heightened concerns over supply disruptions in West Asia.
Brent crude rose 0.66% to $113.90 per barrel, while West Texas Intermediate (WTI) gained 0.86% to $100.30.
On the Multi Commodity Exchange (MCX), November crude futures advanced 0.40% to ₹9,522 from ₹9,484. December contracts increased 0.36% to ₹9,378 against ₹9,344 previously.
Front-month Brent futures had settled approximately 4% higher on Thursday, above $113 per barrel.
Reports suggested US President Donald Trump was considering strikes against Iran after the US midterm elections. Washington was also reportedly deploying a second aircraft carrier to the region and evacuating personnel from certain military bases.
Analysts warned that these developments challenged expectations of easing tensions and normalising oil supplies. They indicated that their earlier forecast of Brent averaging $80 per barrel during the fourth quarter of 2026 now appeared unlikely.
Even without further escalation, geopolitical uncertainty could sustain elevated oil prices.
Trump Blames Iran As Commodity Futures Trade Mixed
Trump accused Iran of attempting to raise crude prices ahead of the US midterm elections.
In a Truth Social post, he alleged that Iran was spreading misleading claims about attacks and maritime threats despite increased oil shipments through the Strait of Hormuz.
He also criticised Iran's treatment of protesters and reiterated his opposition to the country acquiring nuclear weapons.
Meanwhile, November natural gas futures on MCX declined 2.03% to ₹298.80 from ₹305.
