WTI falls below $79.00 to three-month lows
Par Akhtar Faruqui
Mis à jour: 15 Jun 2026
ARTICLES POPULAIRES
West Texas Intermediate (WTI) crude falls around 5%, reaching a three-month low of $78.60 per barrel on Monday. Crude oil prices declined to three-month lows on easing supply concerns following reports that the United States (US) and Iran had reached a deal to end their conflict.
- WTI reached a three-month low of $78.60 on Monday.
- Oil supply concerns eased following reports that the US and Iran have reached a deal to end their conflict.
- US-Iran deal in Switzerland on June 19 will lift blockades and sanctions in exchange for dismantling Tehran’s nuclear program.
West Texas Intermediate (WTI) crude falls around 5%, reaching a three-month low of $78.60 per barrel on Monday. Crude oil prices declined to three-month lows on easing supply concerns following reports that the United States (US) and Iran had reached a deal to end their conflict.
A breakthrough US-Iran peace agreement, announced Sunday and taking effect this Friday, will reopen the critical Strait of Hormuz. US President Donald Trump confirmed the lifting of the naval blockade on Iranian ports, while European nations, the UK, France, Germany, and Italy, stand ready to lift sanctions as Tehran dismantles its nuclear program in exchange for economic incentives.
Israeli Defense Minister Israel Katz announced that troops will stay in security zones across Lebanon, Syria, and Gaza indefinitely to safeguard borders and communities. Meanwhile, sources told Reuters that the divisive issue of Iran's nuclear program will be tackled in upcoming negotiations.
While Iran's Mehr news agency reported plans to reopen the chokepoint within 30 days under Iranian arrangements, analysts warn a full recovery will take time. Reuters cited PVM Oil Associates analyst Tamas Varga, who noted that restoring oil traffic to its pre-crisis level of 20 million barrels per day could take anywhere from weeks to months.
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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