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Informist, Monday, Mar. 2, 2026

MUMBAI – The crude oil futures contracts on the Multi Commodity Exchange of India rose sharply Monday on fear of escalation of tensions in West Asia after the US and Israel's attack on Iran followed by the latter's retaliation, traders said. Gold and silver futures contracts also opened higher as demand for safe-haven investment intensified.

On Saturday, the US, along with Israel, launched massive attacks against Iran, raising fears of disruptions in the global supply of crude oil. At least three ships were attacked near the Strait of Hormuz, as Iran launched strikes across West Asia in response to the ongoing attacks, the BBC reported.   

The March crude oil contract opened at INR 6,210 per barrel, up from INR 6,092 per barrel at the previous close. At 0915 IST, it was trading 6% higher at INR 6,457 per barrel.

The April contract of gold opened Monday at INR 165,501 per 10 grams, up from INR 162,104 per 10 grams at the previous close. At 0916 IST, it was trading up 3.1% at INR 167,186 per 10 grams. The most active May contract of silver was trading up 3.5% at INR 292,557 per kg, after opening at INR 282,644 per kg.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Abhijit Doshi

Edited by Tanima Banerjee

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