WTI steadies around $87.50 despite renewed supply concerns

Mitrade
Trending Articles
coverImg
Source: DepositPhotos
  • WTI may regain ground as escalating Middle East conflicts renewed severe supply anxieties.

  • The US launched third-wave retaliatory strikes on Iranian coastal targets Wednesday following an Iranian ballistic missile attack from Isfahan.

  • Tehran threatened full hostilities if Israel continues its military campaign against Hezbollah in Lebanon.

West Texas Intermediate (WTI) oil price experiences volatility after registering over 2.5% losses in the previous day, trading around $87.40 per barrel during the Asian hours on Wednesday. Crude oil prices advanced in earlier hours as intensifying Middle East conflicts renewed severe supply anxieties.

Following a brief drop in prices on Tuesday when Israel and Iran temporarily suspended hostilities, the conflict quickly escalated again. According to reports, the US launched a third wave of retaliatory strikes on Iranian coastal targets on Wednesday after Iran fired at least three ballistic missiles from Isfahan. This followed an initial round of US strikes on Tuesday, which Washington called a proportional response to Iran downing a US helicopter gunship near the critical Strait of Hormuz.

Diplomatic efforts to secure a lasting peace have hit a standstill. Tehran warned it would resume full hostilities if Israel continues its military campaign against the Hezbollah militia in Lebanon. Israel's refusal to halt these attacks has severely hindered the Trump administration's efforts to transition a fragile, temporary ceasefire into a permanent settlement.

Meanwhile, physical supply tightness is compounding market anxieties. Industry data from the API revealed that US crude inventories plunged by 9.1 million barrels last week, hitting their lowest level in four months as buyers scrambled to replace supplies disrupted by the Persian Gulf turmoil. Despite the ongoing three-month-old war and struggling peace talks, the U.S. Energy Secretary noted on Tuesday that ship traffic and oil exports through the Strait of Hormuz are currently rising.

Read more

  • Gold Price Forecast: Oil Price Breaking $100 Fuels Inflation Concerns, Will Gold Prices Fall Further?
  • * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

    goTop
    quote
    Related Articles
    placeholder
    Middle East War updates: US-Iran pause strikes as Trump weighs up diplomatic optionsHere’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.
    Author  FXStreet
    10 hours ago
    Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week.
    placeholder
    Crude Oil Price Forecast: Middle East Tensions Push Up Oil Prices, Can They Still Rise After Breaking $100? Affected by the continuous escalation of geopolitical tensions in the Middle East, Brent crude ( UKOIL) broke back above the psychological $100-per-barrel threshold after two months, as m
    Author  TradingKey
    Jul 24, Fri
    Affected by the continuous escalation of geopolitical tensions in the Middle East, Brent crude ( UKOIL) broke back above the psychological $100-per-barrel threshold after two months, as m
    placeholder
    WTI Crude Breaks $90, Brent Crude Approaches $100, Middle East Shipping Risks Drive Continuous Rise in Oil Prices On July 23, international oil prices continued to rise sharply. WTI crude oil ( USOIL) prices broke through the $90 mark intraday, rising over 4%, while Brent crude oil ( UKOIL) rose to a
    Author  TradingKey
    Jul 23, Thu
    On July 23, international oil prices continued to rise sharply. WTI crude oil ( USOIL) prices broke through the $90 mark intraday, rising over 4%, while Brent crude oil ( UKOIL) rose to a
    placeholder
    WTI climbs above $87.00 as Middle East conflict threatens key choke pointsWest Texas Intermediate (WTI) oil price extends gains for the fifth consecutive day, trading around $87.30 per barrel during the Asian hours on Thursday. Crude oil prices surged as escalating Middle East tensions stoked fears of widespread supply disruptions.
    Author  FXStreet
    Jul 23, Thu
    West Texas Intermediate (WTI) oil price extends gains for the fifth consecutive day, trading around $87.30 per barrel during the Asian hours on Thursday. Crude oil prices surged as escalating Middle East tensions stoked fears of widespread supply disruptions.
    placeholder
    WTI Oil hits fresh six-week highs at $86.00 as tensions in the Middle East escalateOil prices continue rallying on Wednesday as hostilities in Iran threaten to escalate out of control, and reports of vessels turning around in the Red Sea heighten concerns about supply disruptions.
    Author  FXStreet
    Jul 22, Wed
    Oil prices continue rallying on Wednesday as hostilities in Iran threaten to escalate out of control, and reports of vessels turning around in the Red Sea heighten concerns about supply disruptions.
    Live Quotes
    Name / SymbolChart% Change / Price
    USOIL
    USOIL
    0.00%0.00
    UKOIL
    UKOIL
    0.00%0.00

    Oil Related Articles

    • Best Oil Trading Platforms in 2026: A Complete Guide for Retail Traders
    • Should I Invest in Oil Right Now? The 2026 Oil Price Forecast
    • Crude Oil Trading: How To Invest In WTI/Brent Oil?
    • WTI Moves Upward Near $75.50 on Dovish Fed Outlook, Maersk, CMA CGM Return to Red Sea

    Click to view more