- WTI holds near the six-month high of $67.23 reached on February 23.
- Crude Oil rises on supply disruption fears amid persistent US-Iran conflict.
- The US EIA sees global inventories rising by 3.1 million barrels per day in 2026, above 2025 levels.
West Texas Intermediate (WTI) Oil price extends gains for the second successive session, trading around $66.80 per barrel during the Asian hours on Tuesday. WTI price remains close to a six-month high of $67.23, reached on February 23.
Crude Oil prices advance on concerns about potential supply disruptions amid fears of military escalation in the Middle East. Oman confirmed that a third round of talks between Washington and Tehran will take place this week in Geneva, with US envoys Steve Witkoff and Jared Kushner set to meet an Iranian delegation.
US President Donald Trump said Monday he prefers a diplomatic agreement with Iran, as negotiations are scheduled to resume Thursday, but warned of a “very bad day” for Tehran if a nuclear deal is not reached. Trump also rejected reports that the Pentagon is worried about the risks of a prolonged military campaign against Iran.
According to the US Energy Information Administration (EIA), expanding global Oil inventories are likely to weigh on Oil prices. The agency projects global production growth to outpace consumption, resulting in rising stockpiles. Global inventories are forecast to increase by an average of 3.1 million barrels per day in 2026, exceeding the build seen in 2025.
Meanwhile, traders are evaluating renewed trade risks after Trump’s administration signaled plans to introduce new national security tariffs on multiple industries, following a Supreme Court decision that invalidated several of his second-term levies. The proposed measures would be implemented under Section 232 of the Trade Expansion Act of 1962 and remain separate from the 15% global tariff announced on Saturday.
