Recent escalation of tensions in West Asia had led to fears of oil supply disruptions.
Crude oil futures traded flat on Wednesday morning after US President Donald Trump indicated progress in ceasefire talks between Israel and Hamas.
At 9.53 am on Wednesday, September Brent oil futures were at $67.16, up by 0.07 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $65.47, up by 0.03 per cent. July crude oil futures were trading at ₹5,614 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,615, down by 0.02 per cent, and August futures were trading at ₹5,522 against the previous close of ₹5,524, down by 0.04 per cent.
In a post on the social media platform Truth Social, Trump said, “My Representatives had a long and productive meeting with the Israelis today on Gaza. Israel has agreed to the necessary conditions to finalize the 60 Day CEASEFIRE, during which time we will work with all parties to end the War. The Qataris and Egyptians, who have worked very hard to help bring Peace, will deliver this final proposal. I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better — IT WILL ONLY GET WORSE. Thank you for your attention to this matter!”
A ceasefire deal between Israel and Hamas would further ease geopolitical tensions in West Asia, especially following the recent Israel-Iran ceasefire that appears to be holding. Recent escalation of tensions in West Asia had led to fears of oil supply disruptions.
Meanwhile, data released by the industry body American Petroleum Institute (API) showed an increase in US crude oil inventories for the week ending June 27. According to API, US crude oil inventories increased by 0.68 million barrels for the week ending June 27. Market was expecting a decline of 2.26 million barrels during the period. Official data from the US EIA (Energy Information Administration) is expected later on Wednesday.
July natural gas futures were trading at ₹292.60 on MCX during the initial hour of trading on Wednesday against the previous close of ₹290, up by 0.90 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were trading at ₹20,130 in the initial hour of trading on Wednesday against the previous close of ₹20,270, down by 0.69 per cent.
July guargum futures were trading at ₹9,730 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹9,766, down by 0.37 per cent.
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Published on July 2, 2025