WTI jumps above $92.50 amid US and Iran’s fragile ceasefire
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $92.80 during the Asian trading hours on Thursday. The WTI price jumps after Iran accuses the US of violating elements of a two-week ceasefire agreement.
Hezbollah said on Thursday that it fired rockets toward northern Israel in response to “ceasefire violations” committed by the Israeli army, per Reuters. On Wednesday, Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, stated that the US had breached the terms of the ceasefire deal.
Nonetheless, US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu said the ceasefire between the US and Iran does not include operations against Hezbollah in Lebanon. Concerns that Middle East tensions could escalate again and disrupt energy supplies might boost the WTI price in the near term.
US crude oil inventories continue to climb, which might cap the upside for the WTI price. According to the US Energy Information Administration (EIA) weekly report, crude oil stockpiles in the US for the week ending April 3 climbed by 3.081 million barrels, compared to an increase of 700,000 barrels in the previous week. The market consensus was for a rise of 5.451 million barrels.
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