WTI holds gains near $90.50 as Iran launches missiles toward Israel
Oleh Akhtar Faruqui
Dikemas kini: 8 Jun 2026
ARTIKEL POPULAR
West Texas Intermediate (WTI) oil price edges lower after opening at a bullish gap, remaining in the positive territory and trading around $90.50 per barrel during the Asian hours on Monday.
- WTI price rises after Iran's missile strikes on Israel threatened a fragile ceasefire and disrupted Middle East energy supplies.
- Israel's Sunday strikes on Lebanon damaged peace hopes and delayed vital oil flows through the Strait of Hormuz.
- OPEC+ approved a July production quota increase of 188,000 barrels per day during its Sunday meeting.
West Texas Intermediate (WTI) oil price edges lower after opening at a bullish gap, remaining in the positive territory and trading around $90.50 per barrel during the Asian hours on Monday. Crude oil prices surged after Iran launched multiple rounds of missiles toward Israel, warning against further military action in Lebanon and threatening a fragile ceasefire amidst stalled peace negotiations.
Although Israel's military reported that all incoming missiles were successfully intercepted with no casualties, the escalation severely rattled energy markets. The geopolitical friction deepened on Sunday when Israel launched renewed strikes on Lebanon despite their current truce, eroding broader hopes for an end to the regional war and delaying the anticipated restart of crude flows through the critical Strait of Hormuz.
In response to the escalating crisis, US President Donald Trump criticized Israel's strikes on Beirut. Trump stated he would urge Prime Minister Benjamin Netanyahu to avoid retaliatory action against Iran, while simultaneously calling on Tehran to resume diplomatic negotiations. However, the protracted conflict and the ongoing near-closure of the Strait of Hormuz have effectively cut off vital energy supplies from the Persian Gulf, keeping oil prices elevated. This spike erased most of the market losses from Friday, which had dropped on mounting hopes of a de-escalation in the US-Iran conflict.
Amidst these persistent supply risks, OPEC+, the Organization of the Petroleum Exporting Countries and its allies, approved another increase in July oil production quotas by 188,000 barrels per day (bpd) during their Sunday meeting. Despite the higher targets, market analysts expect the decision to have very little impact on global supply. Most OPEC+ members are currently unable to meet their existing output targets due to the Hormuz shipping closure, while Russia's production capacity remains heavily eroded by recent infrastructure attacks.
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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