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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.65 during the early Asian trading hours on Monday. The WTI jumps to its highest since June 2025 after joint military strikes by the US and Israel against Iran over the weekend. Traders brace for the release of the American Petroleum Institute report, which will be released later on Tuesday.  The US and Israel began “major combat operations” in Iran over the weekend. Iran has responded by firing drones and missiles into Israel and American targets, including the United Arab Emirates, Bahrain, Qatar, Kuwait, and Jordan.  CNBC reported on Sunday that Iranian Supreme Leader Ayatollah Ali Khamenei was killed. The group will continue to run the country until a new leader is named. US President Donald Trump stated that he will “avenge” the deaths of three US service members and said the combat operations in Iran will continue.  Traders are pricing in a high risk of closure for the Strait of Hormuz, a critical passage for roughly 20% of the world’s oil supply. Fears that the war between the US and Iran will spiral out of control and lead to a major supply disruption could boost the WTI price in the near term.  The Organization of the Petroleum Exporting Countries and its allies (OPEC+) said on Sunday that they will boost production of crude. The group agreed on a modest oil output boost of 206,000 barrels per day (bpd), which was more than analysts had been expecting.  (This story was corrected on March 2 at 01:30 GMT to say, in the first paragraph, that West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.65 during the early Asian trading hours on Monday, not Friday). WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands…

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Filed under: News - @ March 2, 2026 1:44 am