Crude oil futures rose on Friday morning following an exchange of fire between the US and Iran near the Strait of Hormuz.
As of 9:59 AM, July Brent oil futures reached $101.75, marking an increase of 1.69%, while June West Texas Intermediate (WTI) crude oil futures stood at $96.34, up by 1.61%. In the Indian market, May crude oil futures traded at ₹9107 on the Multi Commodity Exchange (MCX), up by 0.46% from the previous close of ₹9065. June futures were recorded at ₹8777 against the previous close of ₹8769, a rise of 0.09%.
According to a statement from US Central Command, American forces intercepted unprovoked Iranian attacks and retaliated in self-defense as US Navy guided-missile destroyers navigated the Strait of Hormuz to the Gulf of Oman on May 7. The command reported that Iranian forces launched several missiles, drones, and small boats while the USS Truxtun, USS Rafael Peralta, and USS Mason were in the area, with no US assets being struck.
US Central Command targeted Iranian military sites responsible for the attacks, including missile and drone launch sites, command locations, and reconnaissance nodes. The command emphasized that while it does not seek escalation, it is prepared to defend American forces.
US President Donald Trump, in a post on Truth Social, stated: “Three World Class American Destroyers just transited, very successfully, out of the Strait of Hormuz, under fire. There was no damage done to the three Destroyers, but great damage done to the Iranian attackers. They were completely destroyed along with numerous small boats, which are being used to take the place of their fully decapitated Navy. These boats went to the bottom of the Sea, quickly and efficiently. Missiles were shot at our Destroyers, and were easily knocked down. Likewise, drones came, and were incinerated while in the air. They dropped ever so beautifully down to the Ocean, very much like a butterfly dropping to its grave! A normal Country would have allowed these Destroyers to pass, but Iran is not a normal Country. They are led by LUNATICS, and if they had the chance to use a Nuclear Weapon, they would do it, without question — But they’ll never have that opportunity and, just like we knocked them out again today, we’ll knock them out a lot harder, and a lot more violently, in the future, if they don’t get their Deal signed, FAST! Our three Destroyers, with their wonderful Crews, will now rejoin our Naval Blockade, which is truly a ‘Wall of Steel.’”
In contrast, Iran’s military claimed that the US attacked two ships entering the Strait of Hormuz and conducted strikes on Iranian territory.
In other commodity markets, May nickel futures were trading at ₹1803 on MCX, down by 0.51% from the previous close of ₹1812.20. On the National Commodities and Derivatives Exchange (NCDEX), May guarseed contracts were at ₹5633, down by 0.34% from ₹5652, while May turmeric (farmer polished) futures were trading at ₹16498, down by 0.41% from the previous close of ₹16566.
Published on May 8, 2026.
