Iran is taking no action without US approval, says US President Donald Trump

Iran cannot take any action on its nuclear programme without approval from the United States (US), US President Donald Trump said, according to a Thursday report by the Times of Israel.

Trump said: “They’re not doing anything without our approval… It doesn’t make a difference what they’re looking at. They’re not going to have a nuclear weapon,”

He added: “Now we will make a decision [on Iran]. Do we want to go further… and certify it… so that it will never happen again. I would rather not destroy the rest of the country if possible, but maybe I will have to. You will know soon enough,”

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Following an unscheduled White House meeting with Kirill Dmitriev, Russian President Vladimir Putin's special envoy, the US President separately said a "very big" deal with Russia to end the Ukraine war was being prepared.

0.40% daily gain for WTI

West Texas Intermediate (WTI) is trading at $90.10 at the time of writing, a gain of 0.40% on the day.

WTI Oil: Key Questions

WTI Oil explained

Among the crude oils traded internationally, WTI, short for West Texas Intermediate, is one of three major types alongside Brent and Dubai Crude. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, it is easy to refine. WTI originates in the United States and is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. As an oil-market benchmark, its price is regularly cited by the media.

Key drivers of WTI Oil prices

Supply and demand underpin WTI Oil prices, as they do for all assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars or sanctions can also affect prices. Another major influence is the policy decisions of OPEC, a group of leading oil-producing countries. With oil traded predominantly in US Dollars, the currency's value also matters: a weaker US Dollar can make WTI Crude Oil more affordable, while a stronger currency can have the opposite effect.

WTI Oil prices and inventory data

WTI Oil prices respond to weekly inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Inventory movements signal shifts in supply and demand. Falling stocks can point to stronger demand and lift oil prices; rising stocks can indicate greater supply and weigh on prices. The API releases its report every Tuesday, followed by the EIA the next day. The two sets of results are generally close, differing by no more than 1% on 75% of occasions. As the EIA is a government agency, its figures are regarded as more reliable.

12 producers: OPEC's influence on WTI Oil prices

At meetings held twice a year, the 12 oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently affect WTI Oil prices. Lower quotas can constrain supply and lift oil prices, whereas increased OPEC production has the reverse effect. The broader OPEC+ group includes ten additional non-OPEC members, with Russia the most notable.