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US President Donald Trump describes position with Iran as brilliant
The US has no immediate plan to attack Iran, US President Donald Trump said on Tuesday, according to the Financial Times. Saying that "we appear to be achieving all our objectives," Trump also characterised the position regarding Tehran as "a brilliant situation."
An updated security alert issued on Tuesday by the US Embassy in Saudi Arabia warned American citizens that Iranian-backed Houthi forces could launch further attacks on airports and critical infrastructure, Reuters reported. The embassy has also imposed restrictions on staff travel to areas including the kingdom’s principal oil-producing and export regions.
A drone that the Saudi-led coalition said had been launched by the Houthis towards southern Saudi Arabia was intercepted and destroyed, the coalition reported on Tuesday.
WTI edges higher
West Texas Intermediate (WTI) stands at $95.77 at the time of writing, a gain of 0.01% on the day.
WTI Oil Explained
Traded on international markets, WTI is a grade of crude oil whose name stands for West Texas Intermediate. Alongside Brent and Dubai Crude, it is one of three major types. Its relatively low gravity earns it the description “light”, while its low sulphur content makes it “sweet”. These characteristics mean it is regarded as a high-quality oil that 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 lift demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars and sanctions can also affect prices. Another major influence is the production policy of OPEC, a group of leading oil-producing countries. Currency movements matter too: because oil is traded predominantly in US Dollars, a weaker US Dollar can make WTI crude oil more affordable, while a stronger dollar can have the opposite effect.
Weekly oil stock reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA) affect WTI prices by showing shifts in supply and demand. Falling inventories may signal stronger demand and push oil prices higher, whereas a build-up in stocks 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: 75% of the time, they are within 1% of each other. 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. Those decisions frequently influence WTI oil prices. A reduction in quotas can constrain supply and lift prices; an increase in production has the reverse effect. The broader OPEC+ grouping brings in ten additional countries outside OPEC, with Russia the most notable member of that additional group.
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