WTI Oil holds at monthly highs around $80.00 as Iran’s conflict escalates
Oleh Guillermo Alcala
Dikemas kini: 14 Jul 2026
ARTIKEL POPULAR
Oil prices extend gains on Tuesday, with the barrel of the US benchmark West Texas Intermediate (WTI) consolidating at one-month highs in the $80.00 area, trading about 18% above the lows seen in early July.
- WTI Oil appreciates above $80.00 for the first time in one month, and is 18% above early July lows.
- US and Iran have ramped up their attacks, and the US military resumed the blockade of Iranian ports.
- Trump offered a 20% fee on cargo for protection to ships aiming to cross the waterway.
Oil prices extend gains on Tuesday, with the barrel of the US benchmark West Texas Intermediate (WTI) consolidating at one-month highs in the $80.00 area, trading about 18% above the lows seen in early July.
The escalating tensions between the US and Iran keep buoying Crude prices, as rival countries exchanged attacks for the sixth consecutive day on Monday, while the US military announced the return of the blockade for ships going in and out of Iran.
Sea traffic through Hormuz halts
Traffic through the sea corridor has plunged amid the recent resumption of hostilities and reports of attacks on vessels trying to sail through the strait. US President Donald Trump offered protection in exchange for a 20% fee on cargo, ultimately contributing to accelerate the recovery of Crude Oil prices.
The Iranian Islamic Revolutionary Guard Corps (IRGC) announced on Sunday that the Strait of Hormuz is closed to commercial traffic “until further notice”, and claimed responsibility for disabling two supertankers that ignored warnings and attempted to sail through a mined route,
The US administration tried to assure that Crude Oil flows through the waterway continue, but figures from sea traffic tracking sites show that the number of ships crossing Hormuz has declined to the levels seen before the ceasefire or even lower.
Later on the day, the American Petroleum Institute (API) will release its weekly Crude Oil stocks report, which is expected to show that commercial Oil reserves fell by 2.7 million barrels the week of July. This would be the 13th consecutive drawdown of Crude stockpiles, and will, highly likely, increase concerns about the economic consequences on an Oil shortage.
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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