July crude oil futures were trading at ₹7,120 on MCX during the initial hour of trading on Friday against the previous close of ₹7,054, up by 0.94%.

Crude oil futures traded lower on Friday morning as shipping traffic through the Strait of Hormuz improved following the signing of an interim peace deal between the US and Iran.

At 9.25 am on Friday, August Brent oil futures were at $77.13, down by 0.90 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $76.07, down by 0.69 per cent. July crude oil futures were trading at ₹7,120 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹7,054, up by 0.94 per cent, and August futures were trading at ₹7,071 against the previous close of ₹7,003, up by 0.97 per cent.

In a post on X, US Central Command said that the US forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas, in accordance with the US President’s direction. American forces are not impeding the transit of vessels to or from Iranian ports. All US military blockade enforcement efforts have ceased. “Our great Naval Ships will remain in the general area to make sure that all aspects of the agreement are adhered to, obeyed and in full force and effect,” it said.

In a post on the social media platform Truth Social, US President Donald Trump said: “The United States is committed to PEACE, and we encourage everyone in the Middle East Region to maintain their commitment to allowing our negotiations to beautifully unfold. The Markets are loving what is happening with Oil Prices way down, and Stocks way up. We expect a complete Ceasefire on all fronts, including Lebanon, Hezbollah, and Israel.”

Meanwhile, reports said that Israel continued its fight against the Iranian-supported Hezbollah militant group in Lebanon. Israel was not included in the interim peace talks between the US and Iran.

Published on June 19, 2026