WTI hovers around $97.00 following reports of US to extend Iran blockade
Par Akhtar Faruqui
Mis à jour: 29 Apr 2026
ARTICLES POPULAIRES
West Texas Intermediate (WTI) oil price remains in the negative territory after experiencing volatility, trading around $97.00 per barrel during the Asian hours on Wednesday.
- WTI may rise as the US considers extending Iran’s blockade, prolonging Middle East supply disruptions.
- The UAE is set to leave OPEC on May 1, delivering a significant setback to the oil producers’ group.
- The US escalates pressure on Iran, targeting Chinese refiners and countries paying transit fees for Hormuz passage.
West Texas Intermediate (WTI) oil price remains in the negative territory after experiencing volatility, trading around $97.00 per barrel during the Asian hours on Wednesday. However, Crude oil prices could rebound amid reports that the United States (US) may extend its blockade on Iran, prolonging supply disruptions across the Middle East.
The Wall Street Journal reported on Wednesday that US officials said President Donald Trump has instructed aides to prepare for an extended blockade of Iran. The report noted that Trump opted to continue pressuring Iran’s economy and oil exports by restricting shipping to and from its ports. Sources added that he considers alternative options, such as resuming bombing or stepping away from the conflict, riskier than maintaining the blockade.
The United Arab Emirates (UAE) is set to exit the Organization of the Petroleum Exporting Countries on May 1, dealing a significant blow to the oil producers’ group as the unprecedented energy crisis driven by the Iran conflict exposes widening divisions among Gulf nations, Reuters reported on Tuesday.
President Trump also said earlier that Iran has urged Washington to lift its naval blockade of the strait while negotiations to end the conflict continue, with disruptions already tightening energy flows from the region. The closure of this critical corridor has halted roughly 20% of global oil shipments.
The US has further intensified pressure on Iran through additional measures, including the potential imposition of sanctions on Chinese refiners linked to Tehran, as well as on countries paying transit fees to secure passage through 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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