WTI surges above $74.00 as US-Iran strikes reignite Hormuz risks
작성자 Akhtar Faruqui
수정됨: 13 Jul 2026
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West Texas Intermediate (WTI) oil price rises after two days of losses, trading around $74.20 during the Asian hours on Monday.
- WTI rises after the US and Iran exchanged fresh weekend missile strikes, raising immediate concerns over the Hormuz shipping lane.
- CENTCOM launched targeted strikes on Sunday evening to weaken Iran's ability to attack civilian vessels.
- Tehran halted future negotiations until Washington honors past commitments on Iranian oil exports.
West Texas Intermediate (WTI) oil price rises after two days of losses, trading around $74.20 during the Asian hours on Monday. Crude oil prices gain ground following a weekend exchange of fresh missile strikes between the United States (US) and Iran, reigniting fears over the safety of commercial shipping through the strategic Strait of Hormuz.
According to Bloomberg, the US Central Command (CENTCOM) launched additional strikes on Sunday evening, aimed at weakening Iran's capability to target civilian vessels navigating the waterway.
Reuters reported that US forces have hit more than 300 Iranian targets over a three-night span, including 140 on Saturday alone, while Washington and Tehran issued conflicting declarations regarding whether the strait remains open to maritime traffic.
This latest surge in hostilities has effectively reversed a portion of the market losses recorded last week, which had been driven by an interim US-Iran peace agreement that initially fueled expectations of increased Middle Eastern energy supplies.
The sudden military escalation has also severely dampened hopes for continued diplomacy. Tehran is now digging in, insisting that Washington must fully honor its previous commitments regarding shipping transit and the normalization of Iranian oil exports before any further negotiations can resume.
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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