WTI trims a part of strong intraday gains; still up over 6% for the day above mid-$93.00s
Ni Haresh Menghani
Petsa ng Pag-publish: 12 Mar 2026 | Petsa ng Pag-edit: 12 Mar 2026
Sikat na Artikulo
West Texas Intermediate (WTI) Crude Oil prices trim a part of strong intraday gains to the $94.75-$94.80 region on Thursday, though the downside seems limited amid supply disruption fears.
- WTI gains strong positive traction on Thursday amid a further escalation of conflicts in the Middle East.
- Suspected Iranian attacks on oil tankers in the Strait of Hormuz fuel supply worries and lend support.
- The record release of emergency oil reserves and sustained USD buying keep a lid on further upside.
West Texas Intermediate (WTI) Crude Oil prices trim a part of strong intraday gains to the $94.75-$94.80 region on Thursday, though the downside seems limited amid supply disruption fears. The commodity, however, retains positive bias for the third straight day and currently trades below the $93.00 mark, still up over 6% for the day.
As the US-Israeli war on Iran shows no signs of ending, reports of suspected Iranian attacks on oil tankers in the northern Persian Gulf near Iraq and Kuwait fuel concerns about supply disruptions from the key oil-producing region. Moreover, Iran has warned that no crude will pass through the Strait of Hormuz, a critical maritime chokepoint. This turns out to be a key factor that triggers a fresh leg up in Crude Oil prices.
Meanwhile, the International Energy Agency (IEA) announced that its 32 member countries unanimously agreed to make 400 million barrels of Oil from their emergency reserves available to the market. Moreover, the Trump administration plans to release 172 million barrels from the US emergency oil reserve as part of the coordinated effort to ease soaring crude and gasoline prices amid the ongoing Iran war.
This move is intended to limit supply shocks and hold back bulls from placing aggressive bets. Moreover, worries about the war-driven inflationary pressure remain supportive of a further rise in the US Treasury bond yields and assist the US Dollar (USD) to gain some follow-through positive traction for the third straight day. A firmer Greenback further contributes to capping the USD-denominated commodity.
Nevertheless, the aforementioned supportive fundamental backdrop seems tilted in favor of bullish traders and suggests that the path of least resistance for Crude Oil prices is to the upside. Hence, any corrective slide could be seen as a buying opportunity and is more likely to remain cushioned as the market focus remains glued to geopolitical developments.
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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