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Iran says Strait of Hormuz will stay shut until leader of the revolution orders reopening
Tehran has closed the Strait of Hormuz and will reopen it only on the orders of the leader of the revolution, according to Iranian Armed Forces Deputy Chief of Staff Brigadier General Kioumars Heidari, Al Jazeera reported on Wednesday.
The critical waterway will "never return" to its status before the US-Israel war on Iran, Mohammad Bagher Ghalibaf, Iran’s parliament speaker and top negotiator, said meanwhile.
Further military strikes or an increasingly tight economic stranglehold that would force Tehran to retaliate are the two courses of action senior Iranian officials believe the US is planning.
In a separate development, a drone was intercepted and destroyed by the Saudi-led coalition over Saudi Arabia’s oil-rich Eastern province as cross-border attacks intensified. According to the source, debris also fell following the destruction of two ballistic missiles targeting Mecca.
WTI edges lower
A daily decline of 0.10% leaves West Texas Intermediate (WTI) trading at $85.25 at the time of writing.
WTI Oil Explained
Traded on international markets, WTI oil takes its name from West Texas Intermediate and is one of three major crude oil types, alongside Brent and Dubai Crude. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. This high-quality oil is easy to refine. Produced in the United States, it is distributed through the Cushing hub, regarded as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, with its price regularly cited by the media.
Supply and demand primarily determine WTI oil prices, as they do for other assets. Stronger global growth can therefore lift demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars and sanctions can affect prices, as can decisions taken by OPEC, a group of major oil-producing countries. Because oil is traded predominantly in US Dollars, the currency’s value also influences WTI crude prices: a weaker US Dollar can make oil more affordable, while a stronger one can make it less so.
WTI oil prices respond to the weekly oil inventory figures released by the American Petroleum Institute (API) and the Energy Information Agency (EIA). Inventory movements signal shifts in supply and demand: a fall in stocks can suggest stronger demand and lift oil prices, whereas a build can point to greater supply and weigh on prices. Each Tuesday brings the API report, followed a day later by the EIA release. The two sets of figures tend to be similar, coming within 1% of one another 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.
At meetings held twice a year, the 12 oil-producing nations that make up OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. WTI oil prices are often affected by these decisions. Lower quotas can restrict supply and lift oil prices; increased OPEC production has the reverse effect. The wider OPEC+ grouping brings in ten additional non-OPEC members, with Russia the most notable.
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