Brent crude oil futures traded higher on Monday morning after US President Donald Trump threatened to intensify strikes on Iran if it fails to reopen the Strait of Hormuz.

At 9.59 am on Monday, June Brent oil futures were at $109.63, up by 0.55 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $111.17, down by 0.33 per cent. April crude oil futures were trading at ₹10378 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹10408, down by 0.29 per cent, and May futures were trading at ₹9269 against the previous close of ₹9193, up by 0.83 per cent.

In a post on the social media platform Truth Social, Trump said: “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!” Urging Iran to open the Strait of Hormuz, he threatened to intensify strike on it if it fails to do so.

Meanwhile, Iran rejected his ultimatum to open the Strait of Hormuz. It said that a part of the revenue from the Strait should be allocated to Iran to compensate for war-related damages.

The Organization of the Petroleum Exporting Countries and allies (OPEC+), which met virtually on Sunday, expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability.

Accordingly, OPEC+ stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts to support market stability for the benefit of producers, consumers, and the global economy.

In their collective commitment to support oil market stability, the eight participating countries decided to implement a production adjustment of 206,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be implemented in May 2026.

April menthaoil futures were trading at ₹1053 on MCX during the initial hour of trading on Monday against the previous close of ₹1029, up by 2.29 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), April kapas contracts were trading at ₹1733.5 in the initial hour of trading on Monday against the previous close of ₹1673.50, up by 3.59 per cent.

April dhaniya futures were trading at ₹13110 on NCDEX in the initial hour of trading on Monday against the previous close of ₹12870, up by 1.86 per cent.

Published on April 6, 2026