Petroleum futures traded greater on Tuesday early morning as the attacks in the Red Sea area raised worries of oil supply disturbances in the coming days.
At 9.52 am on Tuesday, March Brent oil futures were at $78.28, up by 1.61 percent; and February petroleum futures on WTI (West Texas Intermediate) were at $72.69, up by 1.45 percent.
January petroleum futures were trading at 6,074 on the Multi Product Exchange (MCX) in the preliminary trading hour of Tuesday early morning, versus the previous close of 6,027, up by 0.78 percent; and February futures were trading at 6,115, as versus the previous close of 6,069, up by 0.76 percent.
On Sunday, United States Navy helicopters damaged 3 boats coming from the Houthis in the Red Sea area. Reports stated team members in these boats were trying to board a container ship. A Reuters report pointing out American, Maersk, and Houthi authorities stated 10 militants were eliminated in the occurrence.
The Houthis are continuing attacks on merchant vessels in the Red Sea area in retaliation of the Israel-Hamas war. Iran, which has actually been backing the Houthis, has actually eliminated ending its assistance to them.
On The Other Hand, the Iranian news firm IRNA stated the Iranian Navy’s 94th flotilla of warships, consisting of the Alborz destroyer, got in the Red Sea on Monday in the middle of increasing stress on this maritime path. The flotilla’s arrival comes in the middle of increasing stress, following Yemen’s vindictive attacks on Israeli-owned and -bound vessels in assistance of the Palestinians in the Gaza strip, the IRNA report stated.
January gas futures were trading at 220.80 on MCX in the preliminary trading hour of Tuesday early morning, versus the previous close of 213.90, up by 3.23 percent.
On the National Commodities and Derivatives Exchange (NCDEX), January cottonseed oilcake agreements were trading at 2,713 in the preliminary trading hour of Tuesday early morning, versus the previous close of 2,722, down by 0.33 percent.
January jeera futures were trading at 29,000 on NCDEX in the preliminary trading hour of Tuesday early morning, versus the previous close of 29,260, down by 0.89 percent.