WTI drifts higher above $88.00 as Trump denies Iran sanctions relief
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $88.30 during the early European trading hours on Wednesday. WTI edges higher after US President Donald Trump denied he would be willing to ease sanctions on Iran.
West Texas Intermediate (WTI), the US crude oil benchmark, rose above $88.00 on Wednesday as US President Donald Trump stated he would not be willing to ease sanctions on Iran. Traders monitor the release of the Energy Information Administration (EIA) crude oil stockpiles report later in the day. Despite efforts, Qatar failed to mediate a breakthrough between the US and Iran, raising concerns of renewed tensions between the two nations.
The US crude oil inventories increased last week, with crude oil stockpiles rising by 1.019 million barrels. Analysts believe improving supplies could cap further gains, while geopolitical risk premium persists in oil prices due to uncertainty over sanctions relief and negotiations.
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