WTI Oil prices waver below $90.00 amid hopes of new US-Iran peace talks
Ni Guillermo Alcala
Na-update: 16 Apr 2026
Sikat na Artikulo
Crude prices edge up on Thursday, but remain trading within the previous day’s range.
- WTI Crude Oil remains steady below the $90.00 line with traders awaiting developments in the Middle East.
- Trump has boosted expectations that the US-Iran peace talks will resume soon.
- News about negotiations between Israel and Lebanon has contributed to boosting investors' optimism.
Crude prices edge up on Thursday, but remain trading within the previous day’s range. The price of the US benchmark West Texas Intermediate (WTI) barrel changes hands at $89.35 at the time of writing, with investors betting on a new round of peace talks between the US and Iran.
US President Donald Trump boosted optimism on Wednesday, confirming ongoing and “productive” negotiations with Tehran that might lead to the resumption of the peace talks over the next few days.
Apart from that, Israel’s cabinet security member, Galia Gamliel, affirmed on Israeli Army Radio that Prime Minister Benjamin Netanyahu will meet the Lebanese President Joseph Aoun later on Thursday. Any progress on a deal between these countries would contribute to setting the conditions for a durable peace between the US and Iran.
Meanwhile, the US blockade of the Strait of Hormuz continues, keeping Crude prices from retreating further. The US military affirmed that they have completely cut off Iran’s sea trade, adding pressure on Tehran to seal a peace agreement, while Islamic Republic officials have threatened to shut the Red Sea if the US continues blocking Iranian ports.
Also on Wednesday, data released by the US Energy Information Administration (EIA) revealed that US Crude Oil stocks decreased by 0.913 million barrels last week, against market expectations of a 0.2 million increase, and following a 3.081 million buildup in the previous week. These figures have taken a back seat with the main focus on Iran, but anyway, the decline in US Crude stockpiles is always a tailwind for Oil prices.
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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