WTI climbs above $67 on inventory draw and Iran tensions

WTI crude oil futures rose above $67 per barrel in electronic trade on Friday, supported by a sharp fall in US crude inventories and rising geopolitical tensions. President Donald Trump said a decision on a potential nuclear agreement with Iran could be made within the next 10 days, while the US expanded its military presence in the Middle East, increasing concerns over possible supply disruptions. Markets are particularly focused on the risk of restricted oil flows through the Strait of Hormuz, a key route for global crude exports. Adding to bullish sentiment, government data showed US crude inventories fell by 9 million barrels last week to 419.8 million barrels, around 5% below the five-year average, following a smaller decline reported a day earlier by industry data. Meanwhile, MCX crude oil futures for March delivery traded slightly lower near Rs 6,048 per barrel.

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