Oil prices look to end at highest levels in over a week: 'Oil tanks are getting emptier each week Hormuz stays closed'

By Myra P. Saefong and Tomi Kilgore

EIA reports 6th straight weekly drop in U.S. commercial crude supplies and SPR stocks drop by 8 million barrels

WTI crude-oil futures were trading nearly 10% higher this week as hopes for a U.S.-Iran deal fade and U.S. supplies drop.

Oil futures were on track to settle Wednesday at their highest levels in more than a week, after the Energy Information Administration reported a sixth straight weekly drop in U.S. commercial crude supplies and another big draw from the nation's emergency oil reserve.

Continued exchanges of fire between U.S. and Iranian forces have raised worries that a peace deal between the nations may not be imminent and that disruptions to shipping in the Persian Gulf will drag on.