WTI hovers near $76.00 amid rising global supply odds
Oleh Akhtar Faruqui
Dikemas kini: 17 Jun 2026
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West Texas Intermediate (WTI) oil price moves little after registering nearly 5% losses in the previous day, trading around $75.80 per barrel during the Asian hours on Wednesday.
- WTI fell as anticipation grew over a looming US-Iran peace deal that could significantly boost global supply.
- US and Iran will sign a interim pact in Switzerland on Friday, resuming Iranian oil exports.
- Experts remain skeptical, warning that shipping and energy exports could take several weeks to fully recover following the peace deal.
West Texas Intermediate (WTI) oil price moves little after registering nearly 5% losses in the previous day, trading around $75.80 per barrel during the Asian hours on Wednesday. Crude oil prices declined as anticipation grew over a looming United States (US)-Iran peace deal that could significantly boost global supply.
The two nations are scheduled to sign an interim agreement in Switzerland this Friday, which would grant Tehran broad economic incentives and allow the immediate resumption of Iranian oil exports. Furthermore, international tankers are expected to resume safe transit through the strategic Strait of Hormuz once the pact officially takes effect.
Despite the initial market optimism, widespread skepticism remains among experts who warn that shipping and energy exports could take several weeks to fully recover. Complicating matters further, the Iran-backed group Hezbollah stated in Lebanon that Iran would likely refuse a final nuclear deal unless Israel withdraws from Lebanese territory.
Energy advisory firm Ritterbusch and Associates cautioned that the market is currently granting a major vote of confidence to the plan while largely ignoring thorny, unresolved issues like financial compensation, sanctions, and the core nuclear disputes that originally triggered the conflict, reported by Reuters.
Looking ahead, the anticipated influx of Iranian oil is expected to bolster global refinery inventories alongside higher OPEC+ export quotas and increased output from the UAE, which had previously exited the cartel during the conflict. However, this projected surge in global supply stands in contrast to a recent tightening of domestic reserves in the West, where industry data revealed that US crude inventories dropped by 8.3 million barrels last week.
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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