WTI rises to near $64.00, but faces weekly loss as US–Iran talks loom
Oleh Akhtar Faruqui
Tarikh Diterbitkan: 6 Feb 2026 | Tarikh Diubah: 6 Feb 2026
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West Texas Intermediate (WTI) Oil price recovers its recent losses from the previous session, trading around $63.90 per barrel during the Asian hours on Friday.
- WTI heads for a weekly decline after six straight gains as markets await the US–Iran meeting.
- Progress in US–Iran talks could ease near-term escalation risks and supply disruption fears tied to a major OPEC producer.
- Saudi Arabia cut Asia crude prices to 2020 lows, signaling oversupply but reflecting confidence in demand.
West Texas Intermediate (WTI) Oil price recovers its recent losses from the previous session, trading around $63.90 per barrel during the Asian hours on Friday. However, WTI price is on track for a weekly decline after six consecutive weeks of gains, largely driven by expectations surrounding a United States (US)–Iran meeting scheduled later in the day.
Tehran is expected to center the talks on its long-standing nuclear dispute with Western powers, while Washington aims to broaden the agenda to include Iran’s ballistic missile program, regional proxy support, and human rights concerns.
Any meaningful progress could ease near-term fears of military escalation and potential supply disruptions involving the major OPEC producer, which accounts for roughly one-third of global crude output.
That said, differing views on the scope of the discussions raise doubts about whether key differences can be resolved. A renewed escalation in US–Iran tensions could threaten Oil flows, as nearly 20% of global Oil consumption transits the Strait of Hormuz between Oman and Iran.
Meanwhile, Saudi Arabia lowered official selling prices for its flagship crude to Asia to the weakest level since late 2020, signaling oversupply conditions, although the smaller-than-anticipated cut suggested underlying confidence in demand.
Markets are also watching developments in the Russia–Ukraine conflict, following renewed strikes on Ukraine’s energy infrastructure, even as Washington and Moscow moved to reestablish senior-level military dialogue.
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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