WTI hovers around 98.00 due to persistent Middle East supply concerns
Oleh Akhtar Faruqui
Tarikh Diterbitkan: 23 Mar 2026 | Tarikh Diubah: 23 Mar 2026
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West Texas Intermediate (WTI) crude eases from intraday highs but remains elevated near $98.10 per barrel during Monday’s Asian session, supported by persistent Middle East supply concerns.
- WTI stays elevated as ongoing Middle East tensions fuel supply concerns.
- Trump gave Iran 48 hours to reopen Hormuz or face strikes on energy infrastructure.
- Saudi Aramco cut crude shipments to Asian buyers for a second straight month in April.
West Texas Intermediate (WTI) crude eases from intraday highs but remains elevated near $98.10 per barrel during Monday’s Asian session, supported by persistent Middle East supply concerns.
US President Donald Trump has reportedly given Iran a 48-hour deadline to reopen the Strait of Hormuz or risk strikes on its energy infrastructure. Separate reports indicate Washington is considering a ground operation to take control of Iran’s Kharg Island, a major oil export hub.
In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) warned it would shut the strait entirely if the US acts. Tehran also threatened to target US and Israeli assets across the region, including energy, IT, and desalination facilities, if its own infrastructure is hit.
According to Reuters, Saudi Aramco, the world’s largest oil exporter, has reduced crude shipments to Asian buyers for a second consecutive month in April as the US-Israel conflict with Iran disrupts flows through the Strait of Hormuz. Supplies are limited to Arab Light crude shipped from the Red Sea port of Yanbu, tightening feedstock availability for Asian refiners and constraining output.
Meanwhile, International Energy Agency (IEA) Chief Fatih Birol said he is in talks with governments worldwide about potential emergency stock releases if needed. He described the Middle East situation as severe, warning the crisis could surpass the combined impact of the oil shocks of the 1970s, and stressed that reopening the Strait of Hormuz remains the most critical solution.
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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