WTI Oil eases to levels near $94.00, but remains close to two-week highs
Ni Guillermo Alcala
Na-update: 24 Apr 2026
Sikat na Artikulo
Crude prices are consolidating gains on Friday, following a three-day rally, as investors pare back hopes of an imminent peace deal between the US and Iran.
- WTI Oil eases to $94.50 from $97.00 highs but remains on track for a nearly 7% weekly rally.
- The blockade of the Strait of Hormuz continues pushing Crude prices higher.
- US Oil stocks rose unexpectedly last week, adding some pressure on prices.
Crude prices are consolidating gains on Friday, following a three-day rally, as investors pare back hopes of an imminent peace deal between the US and Iran. The US Benchmark West Texas Intermediate (WTI) barrel is trading at $94.45 at the time of writing, slightly below the 10-day highs at $97.00 hit on Thursday, but on track for a nearly 7% weekly gain.
Market concerns that the war in the Middle East and the closure of the Strait of Hormuz are far from over have been boosting Crude prices this week. Investors' optimism about a US-Iran peace agreement has faded as the rival countries step up their threats following the extension of the ceasefire.
After several reports of ship seizures by Iranian forces, a local television station released images of a commando boarding a cargo vessel in the Strait of Hormuz on Thursday, elevating the tensions with the US. Previously, news came in that Tehran had begun charging a $ 1 per barrel toll on Oil tankers crossing the strategic waterway.
US President Donald Trump wrote on social media on Thursday that “the clock is ticking” for Iran to seal a deal. The extension of the ceasefire between Israel and Lebanon might contribute to greasing the wheels for another attempt to end the conflict, but the Islamic Republic keeps blaming the US for the stalemate, citing the US blockade of the Iranian ports. Meanwhile, there is no news about the second round of talks, which were expected to start this week in Pakistan.
In the US, the Energy Information Administration (EIA) reported on Thursday that stocks of commercial Crude Oil increased by 1.9 million barrels in the week of April 17, against expectations of a 1.2 million drawdown, which brought WTI prices lower from their highs.
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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