WTI Oil drifts below $86 with all eyes on the US-Iran peace talks
작성자 Guillermo Alcala
수정됨: 21 Apr 2026
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The US benchmark West Texas Intermediate (WTI) Oil is trading at $85.75 per barrel at the time of writing on Tuesday, practically flat on the daily chart, after having pulled back from Monday’s highs at $88.50.
- WTI Oil prices remain steady below $86, after retreating from $88.50 highs on Monday.
- Hopes of a US-Iran peace deal are keeping Crude prices below the $100 level.
- The EIA affirms that the Iran war has created the worst energy crisis in history.
The US benchmark West Texas Intermediate (WTI) Oil is trading at $85.75 per barrel at the time of writing on Tuesday, practically flat on the daily chart, after having pulled back from Monday’s highs at $88.50. Market hopes of a resolution of the US-Iran conflict are keeping Crude Oil subdued this week.
The Wall Street Journal reported on Monday that Iran said to mediators that it will send a delegation to the second round of peace talks with the US in Pakistan. Tehran threatened to withdraw from the peace process on Monday, after the US military seized an Iranian cargo vessel that attempted to cross the Strait of Hormuz.
Separately, Reuters has cited an anonymous US official assuring that “things are moving forward”, and that the US President Donald Trump could attend in person or virtually if a deal were to be signed.
Meanwhile, the Strait of Hormuz, a key waterway for about 20% of the global Oil supply and nearly 30% of Gas production, remains closed. The head of the International Energy Agency (IEA), Fatih Birol, stated on Tuesday that the US-Israel war against Iran is creating the worst energy crisis in history, worse than the crises in 1973, 1979 and 2022 combined.
Later on Tuesday, the American Petroleum Institute (API) is expected to release its weekly Oil report. The market consensus anticipates a 1 million barrel net draw in Crude stocks during the week of April 17, following a 6.1 million increase over the previous week.
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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