WTI retreats toward $60.00 as fears of a US military strike on Iran ease
Oleh Akhtar Faruqui
Tarikh Diterbitkan: 15 Jan 2026 | Tarikh Diubah: 15 Jan 2026
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West Texas Intermediate (WTI) Oil price lost its daily gains and is extending its losses for the second successive session, trading around $60.10 per troy ounce during the early European hours on Thursday. Crude Oil prices remain subdued amid easing fears of an imminent US military strike on Iran.
- WTI falls after Trump said reports suggest Iran’s crackdown-related killings are easing.
- Oil prices stay pressured as the EIA Crude Oil Stocks Change rose 3.391 million barrels last week.
- Venezuela starts reversing US embargo-era production cuts as crude exports resume.
West Texas Intermediate (WTI) Oil price lost its daily gains and is extending its losses for the second successive session, trading around $60.10 per troy ounce during the early European hours on Thursday. Crude Oil prices remain subdued amid easing fears of an imminent US military strike on Iran.
US President Donald Trump said reports indicated Iran’s crackdown-related killings were subsiding and that no large-scale executions were planned, though he did not rule out potential US military action, noting Washington would continue to monitor developments, according to Reuters.
Reuters quoted Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, as saying that selling pressure dominated amid expectations that the US would refrain from military action against Iran. Kikukawa added that bearish sentiment was reinforced by larger-than-expected US crude inventory builds. While geopolitical risks remain elevated and unexpected events could still disrupt the supply–demand balance, He said WTI is likely to trade in the $55–$65 range for the time being.
Oil prices remain under pressure as US crude inventories increase. The Energy Information Administration’s (EIA) weekly report showed that crude stockpiles in the US rose by 3.391 million barrels in the week ended January 14, reversing a decline of 3.831 million barrels the previous week. This contrasted with market expectations for a draw of about 2.2 million barrels.
Additionally, Venezuela has begun rolling back Oil production cuts imposed under a US embargo as crude exports resume. Proceeds from the initial Oil shipments, estimated at about $500 million, are being held in bank accounts controlled by the US government, an administration official said.
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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