Mumbai, June 14 -- WTI Crude oil futures surged to nearly $78 per barrel on Friday, marking their highest level since January, as Israel's attack on Iran heightened fears of significant supply disruptions. Investors remain wary of potential Iranian retaliation and possible disruptions to the Strait of Hormuz, a vital chokepoint for about 20% of global oil shipments. Meanwhile, EIA data revealed a large drawdown in US crude inventories, underlining firm demand. Softer US inflation also reinforced expectations for Fed rate cuts by September, which could bolster economic growth and oil consumption further.
The US Energy Information Administration or EIA stated in a latest weekly update that crude oil refinery inputs averaged 17.2 million barr...