Crude oil futures traded higher on Thursday morning after US forces continued attacks on Iranian targets for a second straight day.
At 10.06 am on Thursday, September Brent oil futures were at $78.89, up by 1.12 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $74.36, up by 1.14 per cent. July crude oil futures were trading at ₹7123 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹7073, up by 0.71 per cent, and August futures were trading at ₹7122 against the previous close of ₹7078, up by 0.62 per cent.
A statement by the US Central Command said that its forces completed an additional round of strikes against Iran on July 8, to further degrade Iran’s ability to attack commercial shipping and innocent civilian mariners in the Strait of Hormuz.
US forces struck approximately 90 Iranian military targets, including air defence systems, coastal surveillance assets, missile and drone storage sites, naval capabilities, and military logistics infrastructure along Iran’s coastline. The latest strikes follow successful execution of offensive strikes in Iran the night before.
It said the forces hit approximately 80 Iranian military targets July 7, including more than 60 Islamic Revolutionary Guard Corps small boats, to impose heavy costs for Iran violating the ceasefire by attacking three commercial vessels navigating the Strait of Hormuz.
In their Commodities Feed for Thursday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the oil market has continued to rally as the ceasefire between the US and Iran appears to be on life support. ICE Brent settled 5.2 per cent higher on Wednesday at a little over $78 barrel, with further upside expected on Thursday following additional US strikes against Iran in response to its earlier attacks on several vessels navigating the Strait of Hormuz.
US President Donald Trump said he considers the ceasefire with Iran to be over, while also threatening to reimpose a blockade on Iranian ports. This would be more impactful for oil markets than the recent revocation of a sanction waiver on Iranian oil, they said.
Iran has vowed to respond to these recent strikes, with reports that US military bases in the region will be targeted. Key for the oil outlook is whether the US and Iran are able to quickly de-escalate this latest rise in tensions.
“The past few days’ price action makes one thing clear: markets were far too relaxed about the risks surrounding the deal — and far too bullish on how quickly regional supply could rebound,” they said. Vessel tracking data shows that Strait of Hormuz tanker crossings declined to just seven on Wednesday, the lowest level since June 21. This compares to a daily average of 18 over the first seven days of July.
July menthaoil futures were trading at ₹1221 on MCX during the initial hour of trading on Thursday against the previous close of ₹1205.20, up by 1.31 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July guargum contracts were trading at ₹11854 in the initial hour of trading on Thursday against the previous close of ₹11667, up by 1.60 per cent.
July Mumbai rainfall futures were trading at ₹2550 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹2579, down by 1.12 per cent.
Published on July 9, 2026