Crude oil futures traded higher on Monday morning as markets awaited a ‘major announcement’ by US President Donald Trump on Russia.

At 9.58 am on Monday, September Brent oil futures were at $70.51, up by 0.21 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $68.60, up by 0.22 per cent.

July crude oil futures were trading at ₹5899 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5881, up by 0.31 per cent, and August futures were trading at ₹5797 against the previous close of ₹5779, up by 0.31 per cent.

Trump had stated over the weekend that he would make a ‘major announcement’ on Russia on Monday. Recently he had expressed his support to a Bill aimed at imposing 500 per cent tariffs on countries buying crude oil from Russia.

Market players feel that additional sanctions on Russia could impact crude oil supplies to the world market. Russia is one of the major crude oil suppliers to the world market.

Meanwhile, Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. Justifying his plans to send the missiles, he said these missiles are necessary to defend Ukraine because Russian President Vladimir Putin “talks nice but then he bombs everybody in the evening”.

Market reports said that European Union is planning to impose another package of sanctions against Russia, which could include a lower price cap on Russian crude oil.

In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices managed to move higher on Friday, with Brent settling 2.51 per cent higher on the day.

The market remains well supported in early morning trading on Monday. This is despite a deterioration in the tariff environment, with the Trump administration sending new letters to trading partners, including the threat of 30 per cent tariffs on imports from the EU and Mexico. With tariffs taking centre stage once again, oil demand concerns are starting to re-emerge, they said.

July natural gas futures were trading at ₹294.50 on MCX during the initial hour of trading on Monday against the previous close of ₹285.90, up by 3.01 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), July guarseed contracts were trading at ₹5128 in the initial hour of trading on Monday against the previous close of ₹5186, down by 1.12 per cent.

July jeera futures were trading at ₹19395 on NCDEX in the initial hour of trading on Monday against the previous close of ₹19595, down by 1.02 per cent.

Published on July 14, 2025