WTI edges lower to near $89.50 as Iran, Israel agree to halt attacks
Por Akhtar Faruqui
Atualizado: 9 Jun 2026
ARTIGOS POPULARES
West Texas Intermediate (WTI) oil price edges lower after registering over 1% losses in the previous day, trading around $89.40 per barrel during the Asian hours on Tuesday.
- WTI declines as supply concerns ease following an agreement between Iran and Israel to halt mutual attacks.
- Netanyahu stated the war with Iran and Hezbollah "has not yet ended," leaving stability elusive.
- President Trump urged de-escalation, noting that ongoing talks with Tehran should eventually ease oil prices.
West Texas Intermediate (WTI) oil price edges lower after registering over 1% losses in the previous day, trading around $89.40 per barrel during the Asian hours on Tuesday. Crude oil prices have declined as supply concerns eased following an agreement between Iran and Israel to halt mutual attacks. The de-escalation came after an appeal from US President Donald Trump, boosting hopes that peace negotiations could move forward.
However, complete stability remains elusive. CNBC reported on Monday that Israeli Prime Minister Benjamin Netanyahu stated the war against Iran and its Lebanon-based proxy, Hezbollah, "has not yet ended," though he insisted both entities are weaker than ever. His remarks followed a statement from Iran’s military confirming it had ceased strikes against Israel. Nevertheless, Iran’s central military command issued a stern warning, declaring that if Israel continues its attacks, including those in southern Lebanon, "much harsher and more crushing actions than before will be on the way."
The recent pause follows a series of direct military exchanges. Israel previously hit a petrochemical plant in southwestern Iran that it claimed was used to produce ballistic missiles. In response, Iran's Islamic Revolutionary Guard Corps retaliated with a strike targeting a similar Israeli facility in the city of Haifa. This exchange followed intense over-the-weekend Israeli strikes on Hezbollah strongholds in Beirut. Tehran has repeatedly maintained that any deal with Washington to end the conflict is contingent upon Israel halting its military campaign in Lebanon.
While President Trump has urged both sides to de-escalate and noted that ongoing talks with Tehran should eventually ease oil prices, significant energy supply challenges persist. Although the ceasefire currently remains intact, the Strait of Hormuz is still effectively closed under a dual blockade by the US and Iran. This blockade continues to severely disrupt the shipment of crude oil, refined fuels, and natural gas to global markets.
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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