WTI Oil Holds Firm Amid Strait of Hormuz Concerns
WTI oil prices remained steady on Wednesday despite a sharp increase in US crude inventories. The West Texas Intermediate (WTI) price hovered around $82.20 per barrel, near its one-and-a-half-week high. A 17.422 million-barrel rise in inventory was significantly higher than the expected decline of 1.4 million barrels.
US President Donald Trump's comments on the Strait of Hormuz also contributed to market sentiment. He stated that Washington has 'total control' over the waterway, adding 'I think we will keep it.' The continued closure of the Strait prompted the International Energy Agency (IEA) to lower its global oil supply and demand forecasts.
The IEA now expects supply to fall by 4.3 million barrels per day in 2026, while world oil demand is forecast to decline by 1.6 million bpd. The EIA also raised its forecast for the average WTI price in 2026 to $80.88 per barrel from $76.26 previously.