WTI tumbles below $70.00 as US and Iran agree to halt attacks, renew talks
작성자 Lallalit Srijandorn
수정됨: 29 Jun 2026
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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.60 during the early Asian trading hours on Monday. The WTI price falls after reports that the United States (US) and Iran have agreed to pause strikes and plan talks in Qatar on Tuesday.
- WTI price slumps to near $69.60 in Monday’s early Asian session.
- The US and Iran appeared to be returning to talks aimed at ending the war.
- The two sides plan to meet on Tuesday in Qatar, Axios reported.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.60 during the early Asian trading hours on Monday. The WTI price falls after reports that the United States (US) and Iran have agreed to pause strikes and plan talks in Qatar on Tuesday.
Washington and Tehran have agreed to end more than three days of retaliatory strikes in and around the Strait of Hormuz and engage in further technical talks on Tuesday in Qatar, according to an Axios report quoting unnamed US officials.
This action came after US-Iran talks over the weekend were reportedly on hold after the US struck Iranian military targets in retaliation for Tehran’s latest strikes on shipping vessels in the Strait of Hormuz. The Islamic Revolutionary Guard Corps (IRGC) said its forces have destroyed eight US military sites in Kuwait and Bahrain, with the attacks described as retaliation for recent US attacks on Iranian facilities.
Traders will closely monitor the developments surrounding US-Iran talks. Any progress in negotiations could restore oil flows through the Strait of Hormuz, which accounts for one-fifth of the world's supply flow. This, in turn, could drag the WTI price lower. On the other hand, any signs of escalating tensions in the Middle East could raise fears of oil supply disruption and boost black gold in the near term.
The American Petroleum Institute (API) weekly crude oil report will be released later on Tuesday. A larger-than-expected crude oil inventory draw indicates stronger demand and could lift the WTI price, while a bigger build than estimated signals weaker demand or excess supply, which might undermine the WTI price.
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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