Crude Oil Heads for Weekly Gain as Middle East Disruptions Threaten Supplies

Crude oil is poised for solid weekly gains, with WTI heading for an advance exceeding 5% to trade near $97.04 and Brent hovering around $105.16 per barrel. The rally has been propelled by mounting Middle East supply threats, including Houthi attacks on Saudi Aramco infrastructure and Iranian strikes on tankers transiting the Strait of Hormuz, where daily transit fell from 17.15 million to 11.62 million barrels per day. Bullish momentum was further reinforced by an unexpected 8.56 million to 8.6 million barrel drawdown in U.S. crude inventories.