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US early-warning radar in Bahrain targeted and destroyed, Iran's IRGC says
In retaliation for an airstrike targeting a telecommunications tower in the southern Iranian town of Sirik, Iran’s Islamic Revolutionary Guard Corps (IRGC) said it had attacked and destroyed a US military early-warning radar system in Bahrain. Reuters reported the group’s statement on Friday.
Further attacks would lead to an unlimited confrontation, the IRGC warned. Companies working with the US on oil shipments through the Strait of Hormuz also faced a threat of tougher penalties from the group.
WTI trades lower
A daily decline of 0.65% leaves West Texas Intermediate (WTI) trading at $87.47 at the time of writing.
WTI Oil: Key Questions Answered
Traded on international markets, WTI is a variety of crude oil whose initials stand for West Texas Intermediate. Alongside Brent and Dubai Crude, it is one of three major types. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, WTI is straightforward to refine. Production takes place in the United States, with distribution through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, and its price regularly features in media reports.
Supply and demand underpin WTI oil prices, as they do for all assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. Disruptions to supply arising from political instability, wars or sanctions can also affect prices. Another important influence is the policy set by OPEC, a group of major oil-producing countries. Because oil is traded predominantly in US Dollars, the currency’s value also affects WTI crude oil prices: a weaker US Dollar can make oil more affordable, while a stronger one can have the opposite effect.
WTI oil prices respond to the weekly inventory figures released by the American Petroleum Institute (API) and the Energy Information Agency (EIA). Movements in stocks reflect shifts in supply and demand. A fall in inventories can signal stronger demand and push oil prices higher; a build in stocks can indicate increased supply and weigh on prices. The API publishes its report every Tuesday, followed by the EIA the next day. 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 in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently affect WTI oil prices. Lower quotas can constrain supply and lift oil prices, whereas an increase in OPEC production has the reverse effect. The broader OPEC+ grouping brings in ten additional non-OPEC members, with Russia the most notable.
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