Crude oil futures traded higher on Monday morning after US forces attacked an Iranian island in the Strait of Hormuz.At 10.02 am on Monday, December Brent oil futures were at $90.46, up by 5.04 per cent, and October crude oil futures on WTI (West Texas Intermediate) were at $85.36, up by 2.35 per cent. September crude oil futures were trading at ₹8146 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹7984, up by 2.03 per cent, and October futures were trading at ₹8008 against the previous close of ₹7847, up by 2.05 per cent.In a post on X, US Central Command said its forces took limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz. In essence, Iran created the threat and the US military eliminated it to protect civilian mariners, commercial shipping, and the free flow of global commerce, it said.This statement came following statements by the Islamic Revolutionary Guard Corps (IRGC) of Iran that strikes by US forces to prevent the IRGC from placing mines in the Strait of Hormuz were an ‘act of aggression’.In their Commodities Feed for Friday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices started the week stronger following the first military strikes between the US and Iran in a month.“The US struck Iranian launchers over the weekend amid suggestions that Iran was about to launch mines into the Strait of Hormuz. Iran retaliated by launching missiles towards a US base in Jordan (these were intercepted). This reinforces concerns about a prolonged stalemate between both sides and, as a result, disruptions to energy flows from the Persian Gulf,” they said.The key is whether this ignites further rounds of strikes from both sides, and whether it leaves shippers hesitant to navigate the Strait of Hormuz. Oil producers in the region have grown more comfortable shuttling crude through the key chokepoint in recent weeks, they said.September aluminium futures were trading at ₹344 on MCX during the initial hour of trading on Monday against the previous close of ₹345.60, down by 0.46 per cent.On the National Commodities and Derivatives Exchange (NCDEX), September guarkorma contracts were trading at ₹4690 in the initial hour of trading on Monday against the previous close of ₹4579, up by 2.42 per cent.September cottonseed oilcake futures were trading at ₹3100 on NCDEX in the initial hour of trading on Monday against the previous close of ₹3185, down by 2.67 per cent.Published on August 31, 2026