WTI Rises Toward $92 as Hormuz Tensions Elevate Risk

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: April 9, 2026

Key Moments

WTI trades near $91.90 per barrel in Asian hours, rebounding after two sessions of losses.
Tanker movements through the Strait of Hormuz remain heavily constrained due to fresh tensions and US-Iran ceasefire uncertainty.
Analysts warn that logistics, security, and insurance hurdles may limit additional flows through Hormuz over the next two weeks.

WTI Rebounds as Hormuz Constraints Support Prices

WTI crude futures rose during Asian trading on Thursday. Prices hovered near $91.90 per barrel after falling for two straight sessions. The recovery is driven by supply concerns. Traffic through the Strait of Hormuz remains limited, and questions linger about the US-Iran ceasefire.

Traders are monitoring developments closely. Ongoing uncertainty continues to influence risk sentiment and oil prices.

Escalating Tensions and Ceasefire Disputes

Iranian media reported that tanker traffic through Hormuz halted after new Israeli strikes in Lebanon. Officials say these events violate the ceasefire. They called further negotiations with the US “unreasonable.”

Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated the US breached three clauses of Iran’s 10-point proposal. Meanwhile, US Vice President JD Vance indicated the strait might reopen soon. He leads a US delegation to Islamabad for talks this weekend.

Risk Premiums Persist as Traders Await Clarity

Analysts note that traders are hesitant to remove geopolitical risk premiums. Uncertainty surrounds how US-Iran discussions may affect oil flows. The Strait of Hormuz connects exports from Iraq, Saudi Arabia, Kuwait, and Qatar to global buyers. It handles roughly 20% of global oil and gas supply.

Standard Chartered expects logistics disruptions, security risks, higher insurance costs, and operational limits to restrict additional shipments over the next two weeks. Iranian authorities issued navigation charts and defined secure routes around potential mines in coordination with the Revolutionary Guards.

Key Element	Details
WTI price level	Near $91.90 per barrel during Asian trading on Thursday
Strait of Hormuz status	Tanker traffic halted; constraints remain high
Geopolitical drivers	US-Iran ceasefire uncertainty, Israeli strikes, disputed clauses
Short-term outlook	Limited additional flows expected over the next two weeks

Background: WTI Crude and Its Market Drivers

WTI crude is traded globally and is one of three major benchmarks, along with Brent and Dubai crude. It is called “light” and “sweet” due to low gravity and sulfur content. WTI is produced in the US and shipped via the Cushing hub, often called “The Pipeline Crossroads of the World.” Its price is widely cited in financial media.

Key Influences on WTI Prices

WTI prices respond to supply and demand. Strong global growth supports demand, while slower growth weakens it. Political instability, conflicts, and sanctions can disrupt supply and push prices higher. OPEC decisions also play a key role. In addition, the US Dollar affects Oil prices. A weaker Dollar makes Oil cheaper; a stronger Dollar makes it costlier.

Impact of Inventory Data

Weekly inventory reports from the API and EIA offer insight into supply and demand shifts. Falling inventories signal stronger demand and may support higher prices. Rising stockpiles indicate higher supply and can weigh on prices.

The API reports every Tuesday, and the EIA follows on Wednesday. The figures usually align within 1% about 75% of the time. EIA data is seen as more reliable, coming from a government agency.

OPEC’s Role in Shaping WTI Pricing

OPEC, composed of 12 oil-producing nations, sets production quotas at biannual meetings. Reducing quotas can tighten supply and raise prices. Increasing quotas adds supply and can lower prices.

OPEC+ includes 10 additional non-OPEC producers, including Russia. The coalition’s policy decisions influence global oil balances and benchmarks like WTI.