Energy Preview: WTI crude oil futures hover around one-month high amid further escalation of US-Iran tensions

WTI crude oil futures continue to climb further and are seen holding around a one-month high on Friday morning in Asia. The counter rose toward $80 per barrel and is on track to gain about 12% for the week, as escalating attacks between the US and Iran intensified concerns over supply disruptions in the Middle East. As per reports, the US military carried out a sixth consecutive night of air strikes against Iran on Thursday and also struck an empty oil tanker headed for Kharg Island as part of its renewed naval blockade on Iranian ports. Meanwhile, Iran carried out attacks on US military facilities across the region, raising fears of a return to all-out war and keeping the geopolitical risk premium in play. The commodity currently trades around the $78.93 per barrel, up 0.83% for the day and seems poised to register gains for the second straight week amid the risk of a further escalation of US-Iran tensions.

Powered by Commodity Insights