Oil set for sharp weekly gains on Hormuz supply risks

Crude oil slipped below $101 per barrel on Friday but remained on track for a sharp weekly gain as the escalating US-Iran conflict heightened concerns over prolonged supply disruptions. Attacks near the Strait of Hormuz and renewed threats to Red Sea shipping added to market anxiety, while expectations of a prolonged conflict reduced hopes for a quick resolution. A modest draw in US crude inventories and strong refining activity further supported prices, with severely reduced Hormuz flows tightening global supply conditions.

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