WTI rises above $69.00 as Iran strikes commercial vessels in Hormuz
작성자 Akhtar Faruqui
수정됨: 7 Jul 2026
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West Texas Intermediate (WTI) oil price gains ground after registering modest losses in the previous day, trading around $69.20 per barrel during the Asian hours on Tuesday. Crude oil prices receive a temporary boost following renewed geopolitical tensions in the Strait of Hormuz.
- WTI gains ground following renewed geopolitical tensions in the Strait of Hormuz.
- Iran fired at least two missiles at commercial vessels transiting the strategic waterway on Monday.
- Saudi Aramco cut its Arab Light crude price for Asian buyers by $11 to a $1.50 regional benchmark discount.
West Texas Intermediate (WTI) oil price gains ground after registering modest losses in the previous day, trading around $69.20 per barrel during the Asian hours on Tuesday. Crude oil prices receive a temporary boost following renewed geopolitical tensions in the Strait of Hormuz.
According to a Bloomberg report citing a United States (US) official, Iran fired at least two missiles at commercial vessels transiting the strategic waterway late Monday. While two ships sustained significant damage, no casualties were reported. Separately, the UK Maritime Trade Operations (UKMTO) confirmed that a southbound tanker was struck on its port side by an unknown projectile, which ignited a fire on board.
Despite these security risks, West Texas Intermediate (WTI) price remained anchored near a four-month low, weighed down by indications of expanding global supply. Defusing some of the immediate supply anxiety, vessel traffic through the Strait of Hormuz has already begun to recover. Recent data showed at least eight Japan-linked vessels, including five supertankers capable of carrying two million barrels of crude each, successfully exited the waterway via a route near Iran.
Compounding the bearish market outlook, Saudi Aramco aggressively cut the price of its flagship Arab Light crude for Asian buyers by $11 a barrel, placing it at a $1.50 discount against the regional benchmark. This drastic pricing maneuver reflects increasingly soft market conditions, marking a strategy Saudi Arabia has only deployed twice before during the oil price wars of 2015 and 2020. This steep discount followed a weekend OPEC+ agreement to raise production quotas for next month, reinforcing expectations of a heavily supplied global market.
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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