WTI remains broadly firm near $79 amid continued US-Iran aggression
Von Sagar Dua
Aktualisiert: 16 Jul 2026
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West Texas Intermediate (WTI), futures on NYMEX, trade 0.9% lower to near $79.00 during the European trading session on Thursday, but is closer to its monthly high of $80.61 posted on Tuesday.
- Oil prices correct to near $79.00, but is close to the monthly high of $80.61.
- Iran’s military forces continue to attack ships transiting the Hormuz without their permission.
- US President Trump warned that he would authorize bombing Iranian infrastructure if the nation doesn’t return for negotiations.
West Texas Intermediate (WTI), futures on NYMEX, trade 0.9% lower to near $79.00 during the European trading session on Thursday, but is closer to its monthly high of $80.61 posted on Tuesday.
The United States (US) blockade on Iranian seaports is keeping energy supply restricted, as Iranian forces are attacking cargos that are attempting transit through the Strait of Hormuz without their permission.
Further global energy supply disruption is highly likely amid fears that military aggression between the United States (US) and Iran would widen.
During the day, an Iranian army spokesperson said that the US continues to attack several areas, while warning that the war will spread to new arenas, the Islamic Republic News Agency (IRNA) reported.
On Wednesday, US President Donald Trump also warned, in an interview with Fox News, that he will authorize military forces to strike Iran’s bridges and power plants next week if the nation doesn’t come to the table for negotiation.
Going forward, investors will focus on the speech from US President Trump, which is scheduled for Friday.
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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