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Iran calls on US to lift blockade as proof it wants peace
The United States (US) must end its naval blockade and demonstrate a genuine commitment to bringing the war to a diplomatic conclusion, Iran’s Foreign Minister Abbas Araghchi said on Wednesday, according to Bloomberg.
Araghchi said: “Iran is prepared to give diplomacy another chance if we see strong evidence of a sincere desire on the part of the US to achieve a just and honourable solution to permanently end this conflict,”
In a significant intensification of Tehran’s warnings, an Iranian official also threatened to target US political figures should American strikes resume, Fars News reported.
Separately, five drones launched towards Saudi Arabia were intercepted and destroyed, the Saudi-led coalition said early on Wednesday.
According to two US officials and two people familiar with the matter, the US military has been quietly reducing troop numbers at bases throughout the Middle East in recent days.
WTI trades lower
West Texas Intermediate (WTI) is trading at $97.60 at the time of writing, a decline of 0.32% on the day.
WTI Oil Explained
Among the crude oils traded internationally, WTI, short for West Texas Intermediate, is one of three main 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 the media.
Supply and demand underpin WTI Oil prices, as they do those of all assets. Global economic growth can therefore lift demand, while weak 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. Since oil is traded predominantly in US Dollars, the currency’s value affects WTI Crude Oil prices: a weaker US Dollar can make oil more affordable, while a stronger one can do the opposite.
WTI Oil prices are affected by the weekly inventory figures released by the American Petroleum Institute (API) and the Energy Information Agency (EIA). Inventory movements reflect shifts in supply and demand: a fall in stocks can suggest stronger demand and lift oil prices, whereas a build-up can point to increased supply and weigh on prices. The API releases its report each Tuesday, followed by the EIA the next day. The two reports tend to produce similar results, with their figures 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 belonging to 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; an increase in OPEC production has the reverse effect. The broader OPEC+ group brings in ten additional non-OPEC members, most notably Russia.
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