WTI Oil rises towards $100 after Trump vows to free Hormuz ships
Oleh Guillermo Alcala
Dikemas kini: 4 May 2026
ARTIKEL POPULAR
Crude prices appreciate again on Monday despite US President Donald Trump’s pledge to rescue Hormuz vessels. The US benchmark West Texas Intermediate (WTI) barrel trades at $99.40 at the time of writing, about $3 up from the daily opening price of $96.46.
- WTI Oil rises about $3 on Monday, nearing the key $100.00 level.
- Markets reacted with skepticism to Trump's vow to free ships stranded in Hormuz.
- OPEC+ countries agreed to hike output by 188K barrels per day on Sunday.
Crude prices appreciate again on Monday despite US President Donald Trump’s pledge to rescue Hormuz vessels. The US benchmark West Texas Intermediate (WTI) barrel trades at $99.40 at the time of writing, about $3 up from the daily opening price of $96.46. Still, the WTI price trades below Friday's close of $99.57.
Trump said on Monday that the US military will help free vessels stranded in the Strait of Hormuz, in an “humanitarian gesture” towards neutral countries. The US president, however, has failed to provide further details of the operation, and investors have reacted with skepticism.
Iranian authorities, on the other hand, reiterated that the waterway will remain closed and that any action in Hormuz will be considered a violation of the ceasefire and that they will protect the Strait with “full strength”. Oil prices have risen after this news amid fears of a further escalation in the conflict.
On Sunday, the Organization of Petroleum Exporting Countries and allies, the so-called OPEC+, agreed to hike supply by 188K barrels per day. The decision, however, had no actual impact on prices as most of these countries remain unable to put their supplies on the market with the Strait of Hormuz closed.
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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