WTI edges higher above $62.00, US-Iran negotiations in focus
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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $62.30 during the Asian trading hours on Wednesday. The WTI price holds positive ground amid uncertainty and heightened tensions in the Middle East. Traders brace for the release of the American Petroleum Institute (API) report, which will be released later on Wednesday. Iran announced the temporary partial closure of sections of the Strait of Hormuz on Wednesday to conduct naval exercises by its Islamic Revolutionary Guard Corps (IRGC), per Bloomberg. The Strait of Hormuz is one of the world’s most important oil transit chokepoints, about one-third of all waterborne crude oil exports pass through it. Concerns over crude oil disruption could boost the WTI price in the near term. Meanwhile, Iranian Foreign Minister Abbas Araqchi stated on Tuesday that the US and Iran reached an understanding on the main “guiding principles” in talks aimed at resolving their longstanding nuclear dispute, but that does not mean a deal is imminent. Araghchi described talks with the U.S. as serious and constructive. Traders will closely monitor the developments surrounding the US-Iran talks. Any signs of easing tensions between the two countries could undermine the black gold. The API crude oil stockpiles report will be published on Wednesday. A larger-than-expected crude oil inventory draw indicates stronger demand and could lift the WTI price, while a bigger build than estimated signals weaker demand or excess supply, which might weigh on the WTI price. 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…
Filed under: News - @ February 18, 2026 3:02 am