WTI falls to near $65.00 as US, Iran to continue nuclear talks next week
By Akhtar Faruqui
Date Published: 27 Feb 2026 | Date Modified: 27 Feb 2026
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West Texas Intermediate (WTI) Oil price loses ground after registering little gains in the previous session, trading around $65.00 per barrel during the Asian hours on Friday.
- WTI declines as Washington and Iran agreed to continue talks, easing supply concerns.
- Iran’s Araqchi called the talks most substantive yet, outlining Iran’s sanctions relief demands.
- The US delayed sales of Lukoil's overseas assets to pressure Moscow in Ukraine talks.
West Texas Intermediate (WTI) Oil price loses ground after registering little gains in the previous session, trading around $65.00 per barrel during the Asian hours on Friday. Crude Oil prices swung in the previous session as investors monitored developments in nuclear negotiations between the United States (US) and OPEC member Iran.
Oil prices declined after Washington and Tehran agreed to continue talks next week, easing immediate supply concerns. Iranian Foreign Minister Abbas Araqchi described Thursday’s discussions as the most substantive yet, noting that Iran clearly outlined its demands for sanctions relief and the framework for lifting restrictions.
However, a source familiar with the US stance said American officials were disappointed with the outcome. Negotiations will resume following consultations in both capitals, alongside technical-level meetings scheduled in Vienna next week.
Tensions remain elevated after Tehran stated it would not allow enriched uranium to leave the country. A significant US military presence in the Middle East has also kept markets cautious, with US President Donald Trump warning of potential military action if no agreement is reached.
The United States has reportedly delayed the sale of international assets belonging to Russian Oil major Lukoil to increase pressure on Moscow in the Ukraine peace negotiations. The US Office of Foreign Assets Control (OFAC) will extend the February 28 deadline for concluding related transactions to April 1, sources cited by Reuters.
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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