Crude oil futures traded higher on Monday morning after the US Navy attacked and seized an Iranian-flagged cargo vessel that ignored orders to stop while exiting the Strait of Hormuz.
At 9.59 am on Monday, June Brent oil futures were at $95.44, up by 5.60 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $87.57, up by 6.03 per cent. May crude oil futures were trading at ₹8,176 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹7,666, up by 6.65 per cent, and June futures were trading at ₹7,897 against the previous close of ₹7,507, up by 5.20 per cent.
A press statement by the US Central Command said that the US forces operating in the Arabian Sea enforced naval blockade measures against an Iranian-flagged cargo vessel attempting to sail toward an Iranian port on April 19.
Guided-missile destroyer USS Spruance intercepted the merchant vessel Touska as it transited the north Arabian Sea at 17 knots enroute to Bandar Abbas, Iran. American forces issued multiple warnings and informed the Iranian-flagged vessel it was in violation of the US blockade, the statement said.
“After Touska’s crew failed to comply with repeated warnings over a six-hour period, Spruance directed the vessel to evacuate its engine room. Spruance disabled Touska’s propulsion by firing several rounds from the destroyer’s 5-inch MK 45 Gun into Touska’s engine room. US Marines from the 31st Marine Expeditionary Unit later boarded the non-compliant vessel, which remains in US custody,” it said.
Esmaeil Baqaei, Spokesperson of Ministry of Foreign Affairs of Iran, said the US’ ‘so-called blockade’ of Iran’s ports or coastline is not only a violation of ceasefire but also both unlawful and criminal. “Moreover, by deliberately inflicting collective punishment on the Iranian population, it amounts to war crime and crime against humanity,” he said.
In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, saidoil prices are being whipsawed by developments in West Asia once again, with what appears to be de-escalation quickly turning to re-escalation. Iran’s announcement that it would allow commercial vessels to transit the Strait of Hormuz led to an aggressive pullback in oil and gas prices on Friday; ICE Brent fell as much as 13 per cent at one point. The announcement also saw a pickup in vessels transiting the Strait of Hormuz. According to Bloomberg data, 11 tankers crossed the Strait of Hormuz on Saturday, the highest since the beginning of the war.
They said that developments over the weekend suggest the thaw has been short-lived, with Brent opening stronger Monday morning. Iran reimposed its restrictions on the Strait of Hormuz after the US kept its blockade in place. After the US seized an Iranian-flagged vessel, there will be doubts over planned peace talks.
They said that the US is sending negotiators for peace talks on Monday. Iran, however, has said it doesn’t plan to take part in talks. This is a concern as the two-week ceasefire nears an end. It opens the door to further escalation in the Persian Gulf and higher oil and gas prices, they added.
April natural gas futures were trading at ₹252.50 on the MCX during the initial hour of trading on Monday against the previous close of ₹250.20, up by 0.92 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), April dhaniya contracts were trading at ₹13,396 in the initial hour of trading on Monday against the previous close of ₹12,914, up by 3.73 per cent.
May guargum futures were trading at ₹11,320 on the NCDEX in the initial hour of trading on Monday against the previous close of ₹11,391, down by 0.54 per cent.
Published on April 20, 2026