WTI rises to near $105.00 as Trump threatens to hit Iran infrastructure
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $105.00 during the Asian trading hours on Monday. The WTI price climbs to its highest levels in nearly four years amid escalating conflict in the Middle East. Traders brace for the release of the American Petroleum Institute (API) report, which will be published later on Tuesday.
US President Donald Trump said on Sunday that the US will target Iran's power plants and bridges on Tuesday if the Strait of Hormuz is not reopened. A spokesperson from Iran’s foreign ministry noted afterward that Iran will reciprocate attacks on its infrastructure and target similar infrastructure owned by the US or related to it.
The Strait of Hormuz, a critical chokepoint handling 20% of global oil, is effectively closed due to the US-Iran conflict. This creates an immediate physical supply shortage and boosts the WTI price.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday decided to increase oil output by 206,000 barrels per day (bps) in May. According to an OPEC+ statement, a rise that is largely symbolic, as some of its key members are unable to raise production due to the US-Israeli war on Iran. They are set to meet again on May 3 to make further decisions.
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