WTI rises as supply disruption fears return to Oil markets
Par Vishal Chaturvedi
Mis à jour: 8 Jul 2026
ARTICLES POPULAIRES
West Texas Intermediate (WTI) trims part of its earlier gains on Wednesday but remains supported as supply risks resurface amid escalating tensions in the Middle East.
- WTI climbs to a two-week high as renewed US-Iran tensions revive supply concerns.
- Iran threatens to close the Strait of Hormuz following the latest escalation.
- EIA reports the first US crude inventory build in eleven weeks.
West Texas Intermediate (WTI) trims part of its earlier gains on Wednesday but remains supported as supply risks resurface amid escalating tensions in the Middle East.
At the time of writing, WTI trades around $73.00, up 2.20% on the day after climbing to an intraday high of $75.73, its highest level in two weeks.
Shipping through the Strait of Hormuz had been gradually normalizing after last month's interim peace agreement between the United States and Iran. However, the latest flare-up has reversed that optimism, bringing the geopolitical risk premium back into Oil markets.
Iran's Press TV, citing an informed source, reported that Tehran would close the Strait of Hormuz in the event of any fresh attacks.
The warning followed renewed fighting between the United States and Iran overnight after the Islamic Revolutionary Guard Corps (IRGC) attacked commercial vessels transiting the strategic waterway earlier this week.
Earlier on Wednesday, US President Donald Trump declared that the ceasefire deal with Iran was “over” during the NATO Summit in Ankara, Turkey. However, Reuters later reported that Trump did not repeat those remarks, citing a source familiar with the talks.
Meanwhile, the US Energy Information Administration (EIA) reported that US commercial crude Oil inventories rose by 2.998 million barrels last week, against expectations for a 1.9 million-barrel draw.
Meanwhile, the US Energy Information Administration (EIA) reported that US commercial crude Oil inventories increased by 2.998 million barrels in the week ended July 3, against market expectations for a 1.9 million-barrel draw. The build ended a ten-week streak of declining crude stockpiles.
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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