WTI Crude oil rises above $97 on escalating Hormuz tensions

Crude oil prices pushed higher, with WTI briefly crossing $97 per barrel, marking a third straight session of gains as US-Iran tensions intensified. Reports of tanker interceptions and continued restrictions in the Strait of Hormuz have heightened fears of supply disruptions, driving bullish sentiment. The latest API report showed a larger-than-expected crude draw of 4.4 million barrels, adding support to prices, while EIA data indicated a modest crude build alongside declines in gasoline and distillates. This highlights tightening fuel balances despite mixed headline inventory trends. On the domestic front, MCX May crude futures surged over 2% to Rs 8,908 per barrel, while international prices remained firm around $94.58, reflecting sustained upward momentum.

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