WTI flattens near $91 despite Israel-Lebanon fragile ceasefire
بواسطة Sagar Dua
تم التحديث: 5 Jun 2026
المقالات الشائعة
West Texas Intermediate (WTI), futures on NYMEX, trades flat at around $91.00 during the early European trading session on Friday. The oil price consolidates even as the United States (US)-brokered ceasefire between Israel and Lebanon is proving to be fragile due to continued attacks between them.
- The Oil price trades calmly near $91.00 even as tensions between Israel and Lebanon linger.
- The IRGC wants Israel to withdraw its troops from occupied areas in Lebanon.
- US President Trump said that negotiations with Iran are in the middle of the final stages of the deal.
West Texas Intermediate (WTI), futures on NYMEX, trades flat at around $91.00 during the early European trading session on Friday. The oil price consolidates even as the United States (US)-brokered ceasefire between Israel and Lebanon is proving to be fragile due to continued attacks between them.
Iran-backed Hezbollah chief Naim Qassem has rejected the ceasefire deal as a “farce”, warning that northern Israel will remain a target for fighters as long as Israel continues to bomb Lebanon, Al Jazeera reported.
On Thursday, Iran’s Islamic Revolutionary Guard Corps (IRGC) stated that the region will never be stable unless “Israel withdraws from occupied areas in Lebanon”.
Renewed conflicts between Israel and Lebanon could escalate uncertainty regarding the US-Iran deal, a scenario that will keep energy supply crisis intact and boost oil prices further.
While there have been no comments from Iran regarding the progress in negotiations with Washington towards a permanent peace deal, US President Donald Trump remains confident that the deal will be finalized soon.
On Thursday, US President Trump said in a post on Truth Social that Washington is “in the middle of my final negotiations to end the war with IRGC”, while criticizing all Democratic and four Republican House members for voting in favor of the war powers resolution.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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