Mumbai, Sept. 11 -- 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.
Published by HT Digital Content Services with permission from Capital Market....