July WTI futures settle at $97.91 after a $6.79 weekly gain amid escalating Middle East tensions and tighter inventories.
July WTI crude futures closed at $97.91, up $6.79 or 7.4% for the week, as traders priced in supply risks from the Strait of Hormuz shutdown. The contract traded between $92.84 and $99.09, reflecting volatility driven by geopolitical headlines and inventory tightness.
Prior to the rally, WTI had fluctuated near $90 amid mixed signals on global demand and inflation pressures. The Strait of Hormuz, a critical chokepoint for nearly 20% of global oil exports, remains a focal point for supply fears.
Market participants continue to monitor developments in the U.S.-Iran conflict, with no immediate signs of de-escalation.