Crude oil jumps above $97, set for 16% weekly gain

WTI crude futures surged above $97 per barrel on Friday, as heightened geopolitical tensions in the Strait of Hormuz kept market sentiment cautious. Fresh warnings from US President Donald Trump and the continued blockade of the key waterway have intensified fears of supply disruptions. Despite a ceasefire extension between the US and Iran, the region remains strained, with restricted shipments from major Middle Eastern producers tightening global supply. The latest EIA report showed a surprise crude build of 1.9 million barrels, but this was largely overshadowed by ongoing supply concerns. On the domestic front, MCX May crude futures edged 0.6% higher to ₹9,228 per barrel. Oil prices are now on track for a weekly surge of over 16%, driven by prolonged supply disruptions and stalled US-Iran negotiations.

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