WTI rises to near $96.00 amid US-Iran peace uncertainty

West Texas Intermediate (WTI) oil prices reached near $96.00 per barrel on Wednesday amid growing uncertainty surrounding US-Iran peace talks. Investors reacted to the ongoing negotiations, while Qatar's Foreign Ministry reported that both nations were reviewing new proposals from mediators to resolve their differences. However, Iran's national security chief indicated that Washington's response was still unsatisfactory.

US President Donald Trump stated that the US had no immediate plans to strike Iran and seemed to be satisfied with the current situation. Israeli Prime Minister Benjamin Netanyahu hinted at a possible attack later in the week, but the limited scope of defensive strikes against Iran earlier this week suggests that large-scale military operations may not resume.

The WTI, which remains down around 6% this week, is influenced by supply and demand factors, global growth, political instability, sanctions, OPEC decisions, and the US Dollar's value. The weekly Oil inventory reports by the American Petroleum Institute and Energy Information Agency impact WTI Oil prices, with a drop in inventories indicating increased demand and higher prices, while higher inventories suggest increased supply and lower prices.

OPEC, a group of 12 oil-producing countries, influences WTI Oil prices through production quota decisions made at twice-yearly meetings.