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Indirect talks with US continue via intermediary countries, Iran’s Araghchi says
According to Iran's Foreign Minister Abbas Araghchi, indirect talks with the United States (US) remain under way through intermediary countries, including Pakistan and Qatar, Reuters reported on Tuesday.
The Strait of Hormuz was due to reopen fully on the sixth day of this period, Araghchi added. Although Washington accepted Iran's seven-day proposal, it sought to attach several further conditions, the details of which he declined to reveal. Araghchi also demonstrated that the US could not be relied upon during negotiations.
Separately, Iran's Sepah News reported that Yemen’s Houthi rebels had said a ground attack on Saudi Arabia remained an option. Their statement represents a marked escalation in the continuing regional conflict.
WTI edges lower
Trading at $98.05 at the time of writing, West Texas Intermediate (WTI) is 0.02% lower on the day.
WTI Oil Explained: FAQs
Among the types of crude oil traded internationally, WTI, short for West Texas Intermediate, is one of three major varieties 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 straightforward to refine. Produced in the United States, WTI is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. Its role as an oil market benchmark means that WTI prices are regularly cited in media reports.
Supply and demand underpin WTI oil prices, as they do those of other assets. Stronger global growth can therefore boost demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars and sanctions can also affect prices. Another important influence is the set of decisions taken by OPEC, a group of major oil-producing countries. With oil traded predominantly in US Dollars, the value of the US Dollar also matters for WTI crude oil prices: a weaker US Dollar can make oil more affordable, while a stronger currency can do the opposite.
Published weekly by the American Petroleum Institute (API) and the Energy Information Agency (EIA), oil inventory reports influence WTI oil prices by revealing shifts in supply and demand. Falling stocks can signal stronger demand and lift prices; rising inventories can point to greater supply and weigh on prices. The API releases its report each Tuesday, followed by the EIA the next day. The two sets of results tend to be 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.
At meetings held twice a year, the 12 oil-producing nations that make up OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI oil prices. A reduction in quotas can constrain supply and lift oil prices, whereas an increase in OPEC production has the reverse effect. The broader OPEC+ grouping includes ten additional countries outside OPEC, with Russia the most prominent.
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