WTI climbs back closer to $72.00 as closure of Strait of Hormuz fuels supply concerns
작성자 Haresh Menghani
게시일: 3 Mar 2026 | 수정일: 3 Mar 2026
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West Texas Intermediate (WTI) US Crude Oil prices reverse a modest Asian session dip to the $70.00 neighborhood and climbs to the $71.70-$71.75 region in the last hour.
- WTI attracts some dip-buyers during the Asian session and remains close to a multi-month peak.
- The closure of the Strait of Hormuz raises concerns about supply disruption and acts as a tailwind.
- The OPEC+ decision to raise output and a broadly firmer USD might cap gains for the commodity.
West Texas Intermediate (WTI) US Crude Oil prices reverse a modest Asian session dip to the $70.00 neighborhood and climbs to the $71.70-$71.75 region in the last hour. The commodity remains well within striking distance of its highest level since June 2025, touched on Monday, and might continue to draw support from a dramatic escalation of tensions in the Middle East.
The US and Israel launched a coordinated military strike on Iran on Saturday, killing Supreme Leader Ayatollah Ali Khamenei. In response, Iran launched a barrage of missiles that struck US bases and heavily populated civilian areas in US-allied countries across the Middle East. Adding to this, US President Donald Trump said more strikes would continue for as long as necessary, underscoring the risk of a prolonged war in the key oil-producing region.
Furthermore, Iran's Islamic Revolutionary Guards Corps (IRGC) announced the stoppage of shipments through the Strait of Hormuz. The critical maritime chokepoint is an important shipping channel for more than 20% of global oil, and the closure fuels concerns about some supply disruptions. This continues to act as a tailwind for Crude Oil prices. However, the OPEC+ decision to increase output by 206,000 barrels caps gains for the commodity.
Meanwhile, the global flight to safety, along with reduced bets for more aggressive policy easing by the US Federal Reserve (Fed), assists the safe-haven US Dollar (USD) to preserve the previous day's strong gains to the highest level since January 20. This turns out to be another factor acting as a headwind for the USD-denominated commodities, including Crude Oil prices, which is holding back bulls from positioning for any further appreciation.
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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