Crude oil futures traded higher on Thursday morning after a US submarine sank an Iranian warship off the coast of Sri Lanka.
At 9.58 am on Thursday, May Brent oil futures were at $84.02, up by 1.83 per cent, and April crude oil futures on WTI (West Texas Intermediate) were at $77.45, up by 3.74 per cent. March crude oil futures were trading at ₹7,120 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹6,937, up by 2.64 per cent, and April futures were trading at ₹7018 against the previous close of ₹6870, up by 2.15 per cent.
Hostilities between the US-Israel and Iran entered sixth day on Thursday. Escalation in hostilities has kept the crude oil market on the edge.
US Secretary of War Pete Hegseth said that an American submarine sunk an Iranian warship in the Indian Ocean. It was sunk by a torpedo. This Iranian warship thought it was safe in international waters. It wasn’t, he said.
Replying to queries on crude oil prices, White House Press Secretary Karoline Leavitt said that they remain stable after US President Donald Trump announced steps to ensure the stability in global energy markets. The economy continues to be very strong, and will be able to weather any of the temporary impacts of Operation Epic Fury, she said.
Meanwhile, the US EIA’s (Energy Information Administration) petroleum status report for the week ending February 27 showed an increase in US crude oil inventories.
According to EIA, US commercial crude oil inventories increased by 3.5 million barrels for the week ending February 27. Total motor gasoline inventories decreased by 1.7 million barrels, and distillate fuel inventories increased by 0.4 million barrels last week.
Total products supplied in the US over the last four-week period averaged 21 million barrels a day, up by 4.2 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, and distillate fuel product supplied averaged 4.2 million barrels a day, the report said.
March natural gas futures were trading at ₹275.40 on MCX during the initial hour of trading on Thursday against the previous close of ₹272.40, up by 1.10 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), March jeera contracts were trading at ₹21,600 in the initial hour of trading on Thursday against the previous close of ₹21475, up by 0.58 per cent.
April dhaniya futures were trading at ₹11,320 on NCDEX in the initial hour of trading on Thursday against the previous close of ₹11,272, up by 0.43 per cent.
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Published on March 5, 2026