Oil Prices Pull Back Amid Ongoing Supply Risks

Oil prices have pulled back after a historic surge on Thursday, but the underlying supply risks remain in place. According to EnergyNow.com, WTI crude is trading at around $99.20 per barrel, down $3.28 or 3.2% from Thursday's settlement of $102.48.

The decline follows reports that Middle Eastern governments are exploring a temporary arrangement with Iran to improve shipping through the Strait of Hormuz, which has been disrupted due to Houthi forces' control of Yemen's Mocha port.

Despite the pullback, both WTI and Brent remain sharply higher for the week, with Brent trading at around $103.88 per barrel, down $3.75 or 3.5% from Thursday's settlement.

The market remains fundamentally tight due to supply disruptions in the Middle East, with Hormuz vessel traffic running below normal and U.S. diesel prices exceeding $6 per gallon for the first time.