WTI Oil approaches $94.00 as investors brace for a protracted war in Iran
Oleh Guillermo Alcala
Dikemas kini: 27 Mar 2026
ARTIKEL POPULAR
Crude Oil prices have pared previous losses, returning to levels above $93.50 per barrel at Friday’s European session opening.
- WTI Oil appreciates nearly $2 on Friday as hopes of a swift end to the Iran war fade.
- Trump affirmed that the negotiations with Iran are going "very well", but the attacks continue.
- News reports affirm that the Pentagon is considering sending 10,000 additional troops to Iran.
Crude Oil prices have pared previous losses, returning to levels above $93.50 per barrel at Friday’s European session opening. The US benchmark WTI Oil has resumed the last two days’ bullish trend, and keeps aiming for the psychological $100 level, as investors lose hope of a swift end to the Iran war.
WTI prices retreated to $88.93 lows during Thursday’s US session, following reports that the Iranian government had allowed passage for 10 Oil tankers in a sign of goodwill. Investor’s enthusiasm, however, has been short-lived, and Crude prices bounced up again during Friday’s Asian session, with all signs pointing to a long conflict.
Trump extends the deadline for attacks on Iran's energy sites
US President Trump extended the deadline to attack Iran’s energy sites into April, but the impact on the market was tame. Reports about the negotiations remain contradictory. The US President affirmed that they are going “very well”, while Iranian leaders affirm that they are waiting for Washington’s response to their conditions for a ceasefire.
The bombing, however, continues. Israel announced that it had intercepted a fresh barrage of missiles from Iran overnight, while its air forces pounded targets in Beirut and Tehran.
Furthermore, the Wall Street Journal reported on Thursday that the Pentagon is considering sending 10,000 additional troops to the Middle East, dragging the US into a full-fledged war. A ground invasion that would extend the conflict and, highly likely, maintain the Strait of Hormuz locked for a longer time, is likely to keep Oil prices near $100 or higher for most of 2026.
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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