WTI rises to near $91.00 due to attacks on Middle East energy infrastructure
Oleh Akhtar Faruqui
Tarikh Diterbitkan: 24 Mar 2026 | Tarikh Diubah: 24 Mar 2026
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West Texas Intermediate (WTI) oil price rebounds after registering over 9% losses in the previous day, trading around $91.00 per barrel during the Asian hours on Tuesday.
- WTI regains ground on supply concerns as attacks on Middle East energy infrastructure intensify.
- Gulf states are near direct involvement in the Iran conflict, with Saudi Arabia signaling a potential military shift.
- Several LPG vessels crossed the strait toward India, indicating it remains open but tightly controlled and highly restricted.
West Texas Intermediate (WTI) oil price rebounds after registering over 9% losses in the previous day, trading around $91.00 per barrel during the Asian hours on Tuesday. Crude oil prices regain their ground amid rising supply concerns as US-aligned Gulf states are moving closer to direct involvement in the Iran conflict as attacks on critical energy infrastructure intensify, raising the risk of a broader regional escalation.
The Wall Street Journal reported that Saudi Arabia has signaled a potential shift toward more direct military engagement, reflecting growing concern among key US partners in the region. The situation has further deteriorated after Israel and the United States launched a fresh wave of strikes on Iran.
Israel confirmed a second round of strikes, focusing on infrastructure targets in Tehran, underscoring the intensifying pace of military activity. In response, Tehran has escalated its own attacks on Gulf neighbors and warned it would target power plants across the region if its own facilities come under further assault.
Oil prices declined on Monday after US President Donald Trump delayed planned strikes on Iranian energy infrastructure by five days, citing what he described as productive discussions with Tehran.
However, Iranian officials have pushed back against this narrative. Foreign Minister Abbas Araghchi denied any engagement with Washington, while Parliament Speaker Mohammad Bagher Ghalibaf stated that no negotiations had taken place. Senior military adviser Mohsen Rezaei reinforced the hardline stance, saying the conflict would continue until Iran receives full compensation for damages incurred.
Market participants remain on edge, with uncertainty surrounding the potential reopening of the Strait of Hormuz continuing to weigh on sentiment. The conflict has effectively disrupted the vital chokepoint, through which around 20% of global oil supply typically flows, forcing Middle Eastern producers to scale back output significantly.
Nonetheless, there are tentative signs of limited transit resuming. Some vessels have reportedly managed to pass through the strait under strict Iranian control, with permissions required prior to transit. According to Kpler’s Amena Bakr, several LPG vessels successfully crossed the strait and are now en route to India, suggesting that while not fully closed, the passage remains highly restricted and subject to geopolitical risk.
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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