Energy Preview: WTI crude oil lingers under $100 per barrel

WTI crude oil futures are posting modest gains on Friday morning in Asia following a sharp drop under $100 per barrel mark yesterday. The retracement in prices came following reports from Iranian state media that 30 vessels had successfully navigated the Hormuz. However, the IEA reported that crude and fuel flows through the Strait plunged by approximately 4 million barrels per day during March and April. The agency warned that even if the conflict is resolved by next month, the global oil market could remain significantly undersupplied through October. Currently, the counter is quoting at $98.25 per barrel, up 1.4% on the day.

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