WTI struggles around $100 as Trump calls allies to keep Hormuz safe and open
By Sagar Dua
Date Published: 16 Mar 2026 | Date Modified: 16 Mar 2026
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West Texas Intermediate (WTI), futures on NYMEX, trade slightly lower to near $98.00 during the European trading session on Monday.
- WTI’s rally hits a pause as US President Trump appeals to various nations to intervene in the conflict with Iran near the Strait of Hormuz.
- Trump warns of a very bad future for NATO if European nations deny supporting the reopening of Hormuz.
- Oil loadings at Fujairah port in the UAE have halted after it was hit by a drone.
West Texas Intermediate (WTI), futures on NYMEX, trade slightly lower to near $98.00 during the European trading session on Monday. The oil price struggles to extend its four-day rally above $100, following appeals from United States (US) President Donald Trump to countries that largely import oil from Gulf countries to join operations against Iranian military actions near the Strait of Hormuz.
“Many Countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe,” US President Trump said in a post on Truth.Social adding. “Hopefully China, France, Japan, South Korea, the UK, and others, that are affected by this artificial constraint, will send Ships to the area so that the Hormuz Strait will no longer be a threat by a Nation.”
US President Trump also warned that NATO will have a “very bad” future if European countries do not join his war effort in Iran.
Trump’s calls for the reopening of the Strait of Hormuz through which 20% of oil is supplied to the world have slightly improved hopes that supply issues would resolve soon.
Meanwhile, a halt in old loadings at the Fujairah port in the United Arab Emirates (UAE) after being hit by a drone has raised fears of further disruption in the oil supply chain. The halt in the oil supply from Fujairah port indicates that there will be no oil supply from the UAE, as it is the only export route outside the Strait of Hormuz.
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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