WTI rises to near $91.00 as US strikes continue against Iran
By Akhtar Faruqui
Updated: 11 Jun 2026
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West Texas Intermediate (WTI) oil price extends gains for the second successive day, trading around $90.70 per barrel during the Asian hours on Thursday.
- WTI gains as US military strikes on Iran for a second day fuel fears of prolonged conflict.
- Trump threatened to strike Iran "very hard," accusing Tehran of intentionally stalling interim peace deal negotiations.
- EIA data showed US crude stocks plunged by 7.2 million barrels, far exceeding the projected 4-million-barrel draw.
West Texas Intermediate (WTI) oil price extends gains for the second successive day, trading around $90.70 per barrel during the Asian hours on Thursday. Crude oil prices are facing upward pressure as a second consecutive day of United States (US) military strikes against Iran sparks fears of a prolonged conflict that could destabilize global energy markets.
President Donald Trump warned that the US will strike Iran "very hard" if an interim peace deal is not finalized, accusing Tehran of intentionally stalling negotiations. In contrast, Iranian officials maintain they will stand firm against any external threats. The latest escalation follows a US "self-defense" strike launched after an American helicopter was shot down, which triggered retaliatory Iranian attacks on US military facilities in Bahrain, Jordan, and Kuwait.
Amid the tension, President Trump revealed that the US military secretly escorted over 100 million barrels of oil, roughly equivalent to a single day of global consumption, out of the volatile Strait of Hormuz. He credited this covert operation with keeping energy markets stable, telling White House reporters that crude prices would otherwise have skyrocketed to $250 a barrel instead of their current $85 to $90 range.
Compounding these geopolitical anxieties, new data from the US Energy Information Administration (EIA) shows that domestic crude inventories plummeted by 7.2 million barrels last week as refiners scrambled to plug supply gaps caused by the conflict. This drop far exceeded the 4-million-barrel draw projected by analysts in a Reuters poll, dragging the Strategic Petroleum Reserve (SPR) down to its lowest levels since August 2023. In an effort to curb rising fuel costs, the US Department of Energy announced it is seeking to loan energy companies up to 40 million barrels of crude oil from the depleted reserve.
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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