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Iran is not acting without US approval, says US President Donald Trump
Iran cannot undertake any activity related to its nuclear programme without approval from the United States (US), US President Donald Trump said, according to a report published by the Times of Israel on Thursday.
Trump said: “They’re not doing anything without our approval… It doesn’t make a difference what they’re looking at. They’re not going to have a nuclear weapon,”
He added: “Now we will make a decision [on Iran]. Do we want to go further… and certify it… so that it will never happen again. I would rather not destroy the rest of the country if possible, but maybe I will have to. You will know soon enough,”
Following an unscheduled White House meeting with Kirill Dmitriev, Russian President Vladimir Putin's special envoy, the US President separately said a "very big" deal with Russia was being developed to end the Ukraine war.
WTI trades higher
West Texas Intermediate (WTI) is trading at $90.10 at the time of writing, a gain of 0.40% on the day.
WTI Oil: Key Questions Answered
Among the crude oils traded internationally, WTI, short for West Texas Intermediate, is one of three major 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 regarded as easy to refine. Produced in the United States, it is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, with its price regularly cited in media coverage.
Supply and demand underpin WTI Oil prices, as they do those of other assets. Strong global growth can lift demand, while weak growth can have the reverse effect. Supply disruptions caused by political instability, wars and sanctions can also affect prices. Another major influence is the decisions taken by OPEC, a group of leading oil-producing countries. As oil is traded predominantly in US Dollars, the value of the US Dollar also matters: a weaker currency can make WTI Crude Oil more affordable, while a stronger one can have the opposite effect.
Changes in oil stocks reflect shifts in supply and demand, making the weekly inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA) influential for WTI Oil prices. A fall in inventories may signal stronger demand and lift prices; an increase may point to greater supply and weigh on prices. The API releases 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 that make up OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently affect WTI Oil prices: lower quotas can restrict supply and lift prices, while increased production has the reverse effect. The broader OPEC+ grouping adds ten non-OPEC members, of which Russia is the most notable.
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