Mumbai, May 19 -- WTI Crude oil slipped today after US President Donald Trump announced he was delaying a planned military strike on Iran. WTI crude oil futures continued to gain and broke above $100 per barrel mark last week. Markets eyed intensifying fears that the Strait of Hormuz could remain effectively closed for a prolonged period. The sharp escalation in geopolitical tensions boosted concerns over global oil supply disruptions, driving upside in crude prices as the WTI futures rose 6% for the week. According to weekly EIA data, crude oil inventories in the United States have decreased by a total 3.3 million barrels over the last 7 weeks. WTI Crude oil futures are trading at $103.24 per barrel, down more than 1% on the day.
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