WTI rises to near $93.00 as Iran launches missiles toward Kuwait, Bahrain
Oleh Akhtar Faruqui
Dikemas kini: 3 Jun 2026
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West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday.
- Oil prices spiked as Middle East supply fears grew after Iran fired unsuccessful ballistic missiles at Kuwait and Bahrain.
- The failed missiles prompted retaliatory US airstrikes on Iran's Qeshm Island.
- Analysts fear the escalating conflict will force a dangerous drawdown of global crude oil inventories.
West Texas Intermediate (WTI) gains ground for the third successive day, trading around $92.90 per barrel during the Asian hours on Wednesday. Crude oil prices surge amid renewed supply anxieties following a fresh escalation of hostilities in the Middle East, marked by Iran launching ballistic missiles toward neighboring Kuwait and Bahrain.
According to the United States (US) military, the missiles failed to hit their targets, prompting American forces to conduct retaliatory strikes on Iran's Qeshm Island. Compounding the market's caution is the deep uncertainty surrounding US-Iran peace negotiations. While US President Donald Trump has maintained that discussions remain ongoing, state media reports out of Iran have cast significant doubt on the progress of the talks.
The diplomatic impasse centers on President Trump’s demand for explicit, written commitments from Tehran regarding specific nuclear-related concessions. While Iran had previously offered verbal assurances on parts of its nuclear program, the US is holding out for a legally binding, preliminary framework to end the conflict.
With a diplomatic breakthrough nowhere in sight, energy analysts fear that global crude inventories will have to be drawn down to dangerously low levels. The stakes are exceptionally high, as Iran has effectively paralyzed most non-Iranian shipping through the Persian Gulf since the onset of the war. By choking off roughly a fifth of global oil and liquefied natural gas (LNG) flows, coupled with a retaliatory US blockade on Iranian ports, the conflict has already driven energy prices up by 50% or more, leaving the global economy highly vulnerable to prolonged disruptions.
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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