WTI holds losses near $62.50 as concerns over US–Iran conflict ease
작성자 Akhtar Faruqui
게시일: 9 Feb 2026 | 수정일: 9 Feb 2026
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West Texas Intermediate (WTI) Oil price remains subdued after registering modest gains in the previous session, trading around $62.70 per barrel during the early European hours on Monday.
- WTI stays pressured as easing US–Iran tensions follow renewed diplomatic talks.
- Iran and the US agreed to continue indirect nuclear talks after positive discussions in Oman, despite remaining differences.
- Indian refiners are avoiding Russian Oil purchases for April deliveries and are likely to extend the pause.
West Texas Intermediate (WTI) Oil price remains subdued after registering modest gains in the previous session, trading around $62.70 per barrel during the early European hours on Monday. Crude Oil prices remain under pressure as concerns over a potential United States (US)–Iran conflict ease following renewed diplomatic engagement.
Iran and the US agreed to continue indirect nuclear talks after both sides described discussions held in Oman on Friday as positive, despite lingering differences. The talks helped calm fears that a breakdown in negotiations could push the Middle East closer to conflict, even as the US has bolstered its military presence in the region.
Investors remain cautious about possible supply disruptions from Iran and other regional producers, given that shipments equivalent to roughly one-fifth of global Oil consumption transit the Strait of Hormuz between Oman and Iran.
Meanwhile, refining and trading sources said Indian refiners are steering clear of Russian Oil purchases for April deliveries and are expected to extend this pause, a move that could support New Delhi’s efforts to finalize a trade agreement with Washington. The US and India moved closer to such a deal on Friday, announcing a framework aimed at cutting tariffs and strengthening economic cooperation, with a target completion date of March.
According to Reuters’ report, Indian Oil, Bharat Petroleum, and Reliance Industries are not accepting offers for Russian crude loading in March and April. While some Russian oil deliveries are already scheduled for March, most other Indian refiners have halted fresh purchases.
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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