US President Donald Trump set for Monday meeting with Qatar's Prime Minister

Prospects for a new ceasefire and the resumption of nuclear talks will be the focus when US President Donald Trump meets Qatar's Prime Minister at the White House on Monday at 17:00 GMT, Reuters reported, as the conflict with Iran continues.

The meeting with Sheikh Mohammed bin Abdulrahman Al-Thani, who also holds the post of Qatar's Foreign Minister, will take place behind closed doors, according to a US official. A separate meeting with the Qatari leader is also scheduled for Vice President JD Vance.

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Acting as mediator in the negotiations, Qatar rejected claims that Washington and Tehran had failed to secure a deal, stating that efforts to reach an agreement were continuing on both sides. According to Axios, Iran has conveyed a nuclear proposal to the US via Qatar. The proposal, however, depends on Washington meeting Tehran's demands, including sanctions relief.

WTI Oil: Key Questions Answered

What distinguishes WTI Oil?

Traded in 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. Relatively low gravity earns WTI the description “light”, while its low sulphur content makes it “sweet”. Regarded as a high-quality Oil, it is easy to refine. Production is based in the United States, with distribution through the Cushing hub, known as “The Pipeline Crossroads of the World”. As a benchmark for the Oil market, WTI has a price that is regularly cited in media reports.

What determines movements in WTI Oil prices?

Supply and demand underpin WTI Oil pricing, as they do for other assets. Stronger global growth can therefore lift demand, whereas 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 production decisions of OPEC, a grouping of leading Oil-producing countries. Because Oil is largely traded in US Dollars, the currency's value also affects WTI Crude Oil prices: a weaker US Dollar can improve Oil's affordability, while a stronger currency can have the opposite effect.

Why do inventory figures affect WTI Oil prices?

WTI Oil prices respond to the weekly Oil stock reports issued by the American Petroleum Institute (API) and the Energy Information Agency (EIA), as inventory movements reveal shifts in supply and demand. Falling stocks can signal stronger demand and lift Oil prices; rising stocks can point to greater supply and weigh on prices. Every Tuesday brings the API report, followed by the EIA release the next day. The two sets of figures tend to be similar: 75% of the time, they are within 1% of each other. Since the EIA is a government agency, its data is regarded as more reliable.

Why do OPEC decisions matter for WTI Oil prices?

At meetings held twice a year, the 12 Oil-producing nations that form OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for their members. These decisions frequently affect WTI Oil prices. A cut in quotas can restrict supply and drive Oil prices higher, while an increase in production has the reverse effect. The broader OPEC+ grouping brings in ten additional non-OPEC members, with Russia the most prominent among them.