WTI remains subdued around $92.00 as reports suggest US-Iran further talks
By Akhtar Faruqui
Updated: 14 Apr 2026
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West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $91.50 during the Asian hours on Tuesday.
- WTI falls on expectations of further US–Iran talks to secure a longer-term ceasefire before the current truce ends.
- President Trump said Tehran initiated contact, while Iranian President Masoud Pezeshkian signaled willingness for lawful dialogue.
- OPEC+ reported that March output fell 7.9 million bpd, largely due to the Strait of Hormuz shutdown.
West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $91.50 during the Asian hours on Tuesday. Crude oil prices fall after reports that the United States (US) and Iran may hold further talks to secure a longer-term ceasefire before the current two-week truce ends.
US President Donald Trump said Tehran initiated contact with Washington, while Iranian President Masoud Pezeshkian expressed willingness to continue dialogue, provided it stays within international law and regulations.
US Vice President JD Vance indicated, in an interview with Fox News, that ongoing diplomatic efforts and a possible path toward US-Iran conflict de-escalation. Vance adopted a cautiously optimistic tone regarding negotiations with Iran, indicating that meaningful progress has been made despite the absence of a breakthrough. He stated that recent discussions over the weekend were constructive, providing US officials with deeper insight into Iran’s negotiating stance.
US Energy Secretary Chris Wright said at the Semafor World Economy Forum in Washington that energy prices are likely to stay elevated and could rise further until vessel traffic through the Strait of Hormuz normalizes. Wright added that disruptions to the key shipping route continue to underpin price pressures.
Additionally, President Trump acknowledged the domestic impact of high energy costs, warning that oil and gasoline prices could remain elevated through the US midterm election period.
Meanwhile, a report from OPEC+, the Organization of the Petroleum Exporting Countries and its allies, showed that the group’s output declined by 7.9 million barrels per day in March, largely due to the shutdown of the Strait of Hormuz. Investors are now focusing on the upcoming monthly report from the International Energy Agency (IEA) for clearer signals on global supply-demand dynamics.
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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