Energy Preview: WTI crude oil futures soar to over a week high as war risks escalate

WTI crude oil futures are soaring further on Thursday morning in Asia to their highest level in more than a week amid persistent tensions in Middle East. Rising conflict over the Strait of Hormuz continues to fuel worries about prolonged disruptions through the strategic waterway. Meanwhile, US President Donald Trump reiterated on Tuesday that the US Navy blockade of Iranian ports will continue. This keeps geopolitical risks at play and continues to push crude oil prices higher. In addition, a surprise draw in US crude stockpiles offers additional support to oil prices. Currently, the counter is quoting at $94.66 per barrel, up 2% on the day while Brent is hovering above 103 mark.

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