WTI crude futures hit 16-week high near $102.60
WTI crude oil futures rallied to a 16-week high and tested $102.60 amid escalating Strait of Hormuz tensions involving U.S. and Iranian forces. The delayed EIA inventory report showed a 400,000-barrel draw in commercial crude stocks, exactly in line with the five-year average.
60 amid intense geopolitical conflict. S. and Iranian forces, with oil tankers and other vessels in the region directly affected. The delayed EIA inventory report showed a 400,000-barrel draw in commercial crude stocks, leaving inventories exactly in line with the five-year average.
Gasoline and distillates posted builds, though both remained below their respective five-year averages.