Oil jumps over 4% weekly amid Strait of Hormuz disruptions

WTI crude futures surged toward $100 per barrel in Asia electronic trades on Friday, heading for a weekly gain of over 4% as disruptions in the Strait of Hormuz intensified global supply concerns. Markets remained on edge after US-Iran peace talks failed to deliver a breakthrough, keeping the vital shipping route largely constrained and weakening hopes for a lasting ceasefire. The IEA warned that global oil markets could remain materially undersupplied through October, citing a sharp decline in crude and fuel flows through the strait. Additional support came after President Donald Trump said China is seeking more US oil supplies amid ongoing shipping disruptions and reported vessel attacks in the region. However, gains were partially capped by a stronger US dollar, with the dollar index climbing above 99 as rising inflation pressures reinforced expectations for a Federal Reserve rate hike later this year. MCX June crude oil futures traded higher by 1.66% at Rs 9505 per barrel.

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