WTI trims gains below $73.50 as Trump says Iran decision to come within two week
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WTI price pares gains to near $73.25 in Friday’s early Asian session.
Trump is set to decide within two weeks whether to strike Iran.
Uncertainty about potential US involvement in the Israel-Iran conflict might cap the WTI’s downside.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $73.25 during the Asian trading hours on Friday. The WTI price edges lower as US President Donald Trump announced that he will decide on US involvement in the Israel–Iran conflict within two weeks.
Bloomberg reported late Thursday that Trump will make the decision within two weeks whether to strike Iran as Israel hit more Iranian nuclear sites and warned its attacks may bring down the leadership in Tehran. His latest stance signals a step back after a run of tough rhetoric, which drags the WTI price lower.
Israeli warplanes struck dozens of military targets in Iran overnight, including an inactive nuclear reactor in the area of Arak. Oil traders will closely monitor the developments surrounding geopolitical risks. Any signs of escalating tensions and fears that the Israel-Iran crisis could spiral into a broader conflict involving the US could boost the black gold in the near term.
The estimation of lower demand might cap the upside for the WTI. In its monthly oil report on Tuesday, the International Energy Agency (EIA) revised its world oil demand estimate downwards by 20,000 barrels per day from last month's forecast and increased the supply estimate by 200,000 bpd to 1.8 million bpd.
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