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US President Donald Trump: “will not attack Iran today”
Immediate military action against Iran has been ruled out by US President Donald Trump, according to a Sunday report by Aljazeera news agency. Trump said “there will not be a strike today,” the agency reported.
With Iranian and Houthi threats to Americans in the Middle East continuing to increase, Trump had earlier suggested that Washington might need to “finish the job” or could secure an agreement with Tehran.
Miscalculations in launching the war have drawn the US into a “quagmire”, according to Iran’s parliament speaker, Mohammad Bagher Ghalibaf. He said Washington must now “take the necessary steps to extricate” itself.
The diplomatic channel remains open and messages are reaching the US through intermediaries, Iran’s Foreign Ministry spokesperson, Esmail Baghaei, said of Tehran’s position. Talks over the war have appeared to be at a standstill for weeks.
WTI Oil: Key Questions Answered
Traded on international markets, WTI Oil takes its name from West Texas Intermediate. Alongside Brent and Dubai Crude, it is one of three major types of crude oil. Its relatively low gravity earns it the description “light”, while its low sulphur content makes it “sweet”. These characteristics make it 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 the WTI price is regularly cited in media reports.
Supply and demand underpin WTI Oil prices, as they do the prices of other assets. Stronger global growth can therefore lift demand, whereas weak growth can have the reverse effect. On the supply side, political instability, wars and sanctions can cause disruption and affect prices. Decisions taken by OPEC, a group of major oil-producing countries, also play an important role. WTI Crude Oil prices are influenced by the value of the US dollar because oil is traded predominantly in that currency. A weaker US dollar can consequently make oil more affordable, while a stronger dollar can have the opposite effect.
Changes in oil stocks offer an indication of shifts in supply and demand, making the weekly inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA) influential for WTI Oil prices. A fall in inventories can suggest stronger demand and push prices higher. Conversely, a build-up in stocks can point to increased 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 figures are regarded as more reliable.
At meetings held twice a year, the 12 oil-producing nations belonging to OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. WTI Oil prices are often affected by these decisions. Lower quotas can constrain supply and lift oil prices, whereas an increase in OPEC production has the reverse effect. The broader OPEC+ grouping brings in ten additional countries outside OPEC, with Russia the most notable member among them.
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