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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $63.75 during the Asian trading hours on Wednesday. The WTI price edges higher amid fears of rising tensions between the United States (US) and Iran. Traders brace for the release of the US Energy Information Administration (EIA) crude oil stockpiles report on Wednesday.  CNBC reported on Tuesday that the US military shot down an Iranian drone that “aggressively” approached the USS Abraham Lincoln aircraft carrier in the Arabian Sea. This event took place at a time when tensions in the Middle East are high, with US President Donald Trump considering military attacks against Iran. Additionally, Iran demanded that talks with the US this week take place in Oman rather than Turkey and that the scope be limited to two-way conversations on the nuclear issue only, complicating an already delicate diplomatic effort. Any signs of escalating tensions between the US and Iran, OPEC’s fourth-largest crude oil producer, could boost the WTI price in the near term. According to the American Petroleum Institute (API) weekly report, crude oil stockpiles in the US for the week ending January 30 fell by 11.1 million barrels, compared to a decline of 250,000 barrels in the previous week. The market consensus was for an increase of  700,000 barrels. The significant drop in crude inventories could provide some support to the WTI price.  On the other hand, a renewed US Dollar (USD) demand might cap the upside for the USD-denominated commodity price. US President Donald Trump nominated Governor Kevin Warsh to serve as the next Chairman of the US Federal Reserve (Fed). Traders anticipate a slower pace of interest rate cuts under his tenure and a focus on shrinking the Fed’s balance sheet. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for…

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Filed under: News - @ February 4, 2026 2:26 am