WTI holds steady above $59.00 as markets digest Iran tensions, Trump's tariff threats
Oleh Lallalit Srijandorn
Tarikh Diterbitkan: 19 Jan 2026 | Tarikh Diubah: 19 Jan 2026
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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.30 during the early European trading hours on Monday. The WTI price holds steady amid easing tensions in Iran and wider risk-off sentiment.
- WTI price trades flat near $59.30 in Monday’s early European session.
- Traders continue to assess the situation in Iran and Trump’s fresh tariff threats.
- The API crude oil stockpiles report is due later on Tuesday.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.30 during the early European trading hours on Monday. The WTI price holds steady amid easing tensions in Iran and wider risk-off sentiment. Traders brace for the American Petroleum Institute (API) crude oil stockpiles report on Tuesday.
While there weren’t escalating tensions in Iran over the weekend, Supreme Leader Ayatollah Khamenei said that many thousands of people were killed in this month's anti-government protests.
Traders will closely monitor the developments surrounding the situation in Iran. Fox News reported, citing military sources, that at least one US aircraft carrier had been moving to the Middle East as of Friday, after US President Donald Trump indicated that he would hold off on attacking Iran.
Trump said on Saturday that he would impose an additional 10% import tariff from February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the United Kingdom (UK) until the United States (US) is allowed to buy Greenland.
European leaders are expected to hold an emergency meeting in the coming days as they explore possible retaliation. Trump’s latest tariff threats against Europe over Greenland could hurt market sentiment and weigh on the WTI price.
The API crude oil stockpiles report will be published on Tuesday. A larger-than-expected crude oil inventory draw indicates stronger demand and could boost the WTI price, while a bigger build than estimated signals weaker demand or excess supply, which might drag the WTI price lower.
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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