Crude oil futures rise as US attacks on Iran enter 11th day - The HinduBusinessLine SENSEX 76,871.06
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attacks on Iran enter 11th day Factoring in renewed disruptions from the Persian Gulf, risks to Saudi crude exports from
the Red Sea, and developments in the Black Sea, one may argue that Brent at just over $91 a barrel is undervalued By BL
Mangaluru Bureau Updated - July 22, 2026 at 10:11 AM. | Mangaluru, July 22
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Brent at just over $91 a barrel is seen as undervalued | Photo Credit: istock.com Crude oil futures traded higher on
Wednesday morning as US forces continued their attacks on Iranian targets for the 11th consecutive day.At 10.02 am on
Wednesday, September Brent oil futures were at $92.15, up by 1.25 per cent, and September crude oil futures on WTI (West
Texas Intermediate) were at $85.25, up by 1.08 per cent. August crude oil futures were trading at ₹8240 on Multi
Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8150, up by
1.10 per cent, and September futures were trading at ₹8024 against the previous close of ₹7983, up by 0.51 per
cent.A statement by the US Central Command said that its forces successfully completed the 11th consecutive evening of
strikes against Iran at 8.15 pm ET on July 21.It targeted Iranian military operations centres, maritime capabilities,
aircraft hangars, drone storage facilities, and military logistics infrastructure to further degrade Iran’s ability to
threaten commercial shipping in the Strait of Hormuz.Over the past three months, Iran has attacked more than 30
commercial vessels transiting the international waterway vital for regional and global trade. The unwarranted attacks
have endangered hundreds of innocent mariners and undermined freedom of navigation, it said.“Despite the Iranian
aggression, the Strait of Hormuz remains open for commercial vessel transit,” the statement said.In their Commodities
Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities
Strategist, said hopes of a temporary ceasefire between the US and Iran had faded after US President Donald Trump ruled
out the prospect of immediate talks. Meanwhile, the Houthis’ announced maritime blockade on Saudi Arabia has shippers
nervous, with several tankers moving to avoid the Bab el-Mandeb Strait. This would force tankers to enter and exit the
Red Sea via the Suez Canal, adding significant time and expense to voyages to Asia, they said.Mentioning that the
disruptions facing the market don’t end in West Asia, they said Russia’s CPC terminal has stopped receiving oil from
Kazakhstan in the Black Sea, with loadings suspended following ongoing attacks on tankers. The longer the suspension
drags on, the greater the likelihood that Kazakhstan will be forced to curb upstream production. Volumes shipped from
the CPC terminal are significant, with around 1.7 million barrels per day loaded in June, they said.“Factoring in the
renewed disruptions from the Persian Gulf, risks to Saudi crude exports from the Red Sea, and developments in the Black
Sea, one may argue that Brent at just over $91 a barrel is undervalued. Particularly if these disruptions persist into
August,” they added.July menthaoil futures were trading at ₹1272.80 on MCX during the initial hour of trading on
Wednesday against the previous close of ₹1287.20, down by 1.12 per cent.On the National Commodities and Derivatives
Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹21250 in the initial hour of trading on
Wednesday against the previous close of ₹21526, down by 1.28 per cent.August jeera futures were trading at ₹21205 on
NCDEX in the initial hour of trading on Wednesday against the previous close of ₹21300, down by 0.45 per cent.
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