WTI Crude Oil rises to near two-week high on US-Iran uncertainty, EIA stockpile draw
작성자 Vishal Chaturvedi
수정됨: 3 Jun 2026
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West Texas Intermediate (WTI) crude Oil climbs to its highest level in nearly two weeks on Wednesday as renewed hostilities in the Middle East dent hopes of a near-term US-Iran deal that could reopen the Strait of Hormuz.
- WTI extends gains as doubts grow over a near-term US-Iran agreement.
- Tehran presents a four-stage deal proposal to the US, according to Fars News Agency.
- US crude inventories post the biggest draw since February.
West Texas Intermediate (WTI) crude Oil climbs to its highest level in nearly two weeks on Wednesday as renewed hostilities in the Middle East dent hopes of a near-term US-Iran deal that could reopen the Strait of Hormuz. At the time of writing, WTI trades around $94 per barrel, extending gains for a third consecutive day.
Iran launched missile and drone attacks on Kuwait and Bahrain, while the United States responded with “self-defense” strikes on Iran’s Qeshm Island.
Iran’s Fars News Agency, citing a member of Tehran’s negotiating team, reported that talks with Washington are still ongoing and no final decision has been made yet. The report also said Tehran has outlined a four-stage proposal for a deal with the United States.
The Strait of Hormuz remains a key sticking point in the negotiations. Tehran considers control of the waterway a matter of national sovereignty, which handles around 20% of global Oil trade, keeping geopolitical risk embedded in crude prices.
The Financial Times reported on Tuesday that the UAE is planning to build its first multi-fuel pipeline, allowing gasoline, diesel and jet fuel to be transported from Abu Dhabi to Fujairah without passing through the Hormuz.
On the data front, the US Energy Information Administration (EIA) reported that US crude Oil inventories fell by 7.97 million barrels last week, compared with expectations for a 4 million-barrel draw. It marked the largest weekly decline in crude stocks since February.
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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