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Oil News: Crude Oil Futures Hold Bullish Bias as Supply Tightness Persists

By
James Hyerczyk
Published: Apr 24, 2026, 11:29 GMT+00:00

Key Points:

  • Oil prices surge weekly as traders price real supply risk, not headlines, with Brent above $107 and WTI near $100
  • Crude oil futures rally as Hormuz disruption tightens supply, reinforcing a bullish oil outlook despite inventory builds
  • Oil outlook strengthens as Asian refiners cut runs by 2.5M bpd, confirming physical supply tightness

Oil Ends the Week With One Message: Nobody Is Backing Down

Spot Brent Crude Oil posted its biggest weekly gain since this war started and June WTI wasn’t far behind. The Strait of Hormuz is still blocked, Iran is still seizing ships and nobody is close to a deal. Keep reading for what the charts are saying and why every attempt to sell this market failed.