WTI rises above $95.50 as Trump rejects Iran’s proposal
Par Akhtar Faruqui
Mis à jour: 11 May 2026
ARTICLES POPULAIRES
West Texas Intermediate (WTI) oil price advances after registering nearly 3% losses in the previous trading day, hovering around $95.70 during the Asian hours on Monday.
- WTI gained after Trump rejected Iran’s proposal, keeping the Strait of Hormuz effectively closed.
- Drone strikes hit a cargo ship near Qatar, while the UAE and Kuwait intercepted hostile drones.
- Kpler data showed two crude tankers crossed the Strait of Hormuz last week with trackers switched off.
West Texas Intermediate (WTI) oil price advances after registering nearly 3% losses in the previous trading day, hovering around $95.70 during the Asian hours on Monday. Crude oil prices moved higher after US President Donald Trump rejected Iran’s latest response to his proposal to end the 10-week conflict, keeping the Strait of Hormuz effectively shut.
Trump described in a post on Truth Social that Tehran’s reply as “TOTALLY UNACCEPTABLE,” following reports that Iran proposed moving part of its highly enriched uranium stockpile to a third country while refusing to dismantle its nuclear facilities. According to US officials, Trump is set to arrive in Beijing on Wednesday and is expected to discuss Iran, among other issues, with Chinese President Xi Jinping.
Meanwhile, drone strikes targeted a cargo ship near Qatar in the Persian Gulf, while the UAE and Kuwait reported intercepting hostile drones, intensifying concerns that the fragile ceasefire established in early April could unravel.
Saudi Aramco CEO Amin Nasser stated on Sunday that the world has lost nearly 1 billion barrels of oil over the past two months, adding that energy markets would require time to stabilize even if supply flows resume.
Kpler shipping data also showed that two additional crude-laden tankers passed through the Strait of Hormuz last week with tracking systems turned off to avoid potential Iranian attacks.
The prolonged closure of the Strait of Hormuz has significantly disrupted global supplies of crude oil, natural gas, and refined fuels, causing what the International Energy Agency (IEA) called the largest supply shock ever recorded.
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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