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Iran's IRGC says seven vessels hit and warns US of broader response
If Washington continues urging vessels to navigate a mined waterway, US bases in the region may also face a response, Iran's Islamic Revolutionary Guard Corps (IRGC) navy warned, according to a Reuters report on Thursday.
Four vessels engaged in illegal oil transfers in the northern Persian Gulf were struck simultaneously and caught fire on Wednesday after its forces had tracked them, the IRGC added. A further three vessels hit mines west of the Strait of Hormuz, the Iranian military also said.
WTI trades higher
A daily gain of 1.54% puts West Texas Intermediate (WTI) at $99.10 at the time of writing.
WTI Oil Explained: FAQs
Traded on international markets, WTI Oil is a grade of crude oil. Its name stands for West Texas Intermediate, which ranks alongside Brent and Dubai Crude as one of the three major types. Its relatively low gravity and sulphur content account for the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, it is readily refined. Production takes place in the United States, with distribution through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, and its price is regularly cited by the media.
Supply and demand underpin the price of WTI Oil, as they do for all assets. Stronger global growth can therefore lift demand, while weaker growth can have the reverse effect. Supply disruptions arising from political instability, wars or sanctions can also affect prices. Another major influence is the decisions taken by OPEC, a group of leading oil-producing countries. WTI Crude Oil prices are also sensitive to the value of the US dollar: as oil is traded predominantly in US dollars, a weaker dollar can make it more affordable, while a stronger dollar can have the opposite effect.
WTI Oil prices respond to the weekly oil inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Movements in stock levels reflect shifts in supply and demand. A decline in inventories can signal stronger demand and lift oil prices; an increase can point to greater supply and weigh on prices. The API releases its report every Tuesday, followed by the EIA the next day. The two sets of figures tend to be similar, coming within 1% of one another 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.
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 influence WTI Oil prices. Lower quotas can constrain supply and push oil prices higher, whereas increased OPEC production has the reverse effect. The wider OPEC+ grouping brings in ten additional non-OPEC members, most notably Russia.
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