Energy Preview: WTI crude oil futures extend upside in early Asia but set for a weekly slide of around 11%

WTI crude oil prices extend gains on Friday morning in Asia amid continued disruptions around the opening of the Strait of Hormuz. Iran reportedly halted shipping traffic through the strategic waterway in response to brutal Israeli attacks on Lebanon. Meanwhile, US President Donald Trump accused Iran of doing a very poor job of handling oil through the Strait of Hormuz, and that it was not the agreement they had. He also warned of renewed strikes if the Iran deal fails, supporting oil prices. Currently, the counter is quoting at $98.72 per barrel, up 0.85% on the day. For the week, however the commodity is set to fall around 11%.

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