Commodities● Neutral
Crude dips as US vows indefinite Iran blockade and new measures
Brent held at $87.06 after Hegseth said the Navy can enforce the Iran blockade indefinitely; MCX crude fell 0.88%. Bessent promised economic measures next week.
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August crude oil futures on the Multi Commodity Exchange (MCX) traded at ₹7,752 by 10.03 am on Friday, down 0.88% from the previous close of ₹7,821. The September contract was at ₹7,701, down 0.81% from ₹7,764. International benchmarks were calmer still. October Brent sat at $87.06 a barrel, down 0.01%, and September WTI at $81.30, up 0.06%. The session followed US statements that the Navy blockade of Iran can continue indefinitely and that new economic measures are planned.
The August contract had been at ₹7,768 earlier in the session. Its premium over September narrowed to ₹51, from ₹57 at the previous close. MCX contracts track the international benchmarks India pays for imported crude.
Defence Secretary Pete Hegseth told reporters in Panama that the US military can maintain a naval presence in West Asia to enforce the blockade of Iran. "Indefinitely the US Navy can maintain a blockade like that because we'll rotate ships in and out, as we have, and we'll continue to," he said.