Energy Preview: WTI crude oil futures set for a weekly gain of around 10%

Oil price gained steadily this week to reach its highest level in around one and half month high amid renewed tensions between US and Iran that concerned disruptions in oil supplies. Growing uncertainty surrounding shipping through the Strait of Hormuz after the US carried out fresh strikes against Iran this week is prompting Tehran to retaliate by targeting American bases in the region and vessels passing through Hormuz. Both the crude oil counters are holding above $90 per barrel on Friday morning in Asia with WTI futures up 0.68% at $91.92 per barrel and Brent up nearly half a percent at $95.94 per barrel. For the week, WTI crude oil is set for a weekly gain of around 10%.

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