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Deputy Foreign Minister Majid Takht-Ravanchi has denied previous reports stating that Iran is ready to abandon its nuclear program on the condition that the United States presents a rewarding alternative offer, News18 reported, citing the state-run Iranian Republic News Agency (IRNA). The news couldn’t be immediately confirmed. According to the News18 report, Takht-Ravanchi has clarified that comments are related to “earlier talks with the US” on their nuclear deal. Market reaction After Iran’s clarification, the WTI oil price has recovered its early losses and has rebounded higher at around $76.15. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information…

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Filed under: News - @ March 5, 2026 12:29 pm