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- WTI may rise as the US considers extending Iran’s blockade, prolonging Middle East supply disruptions.
- The UAE is set to leave OPEC on May 1, delivering a significant setback to the oil producers’ group.
- The US escalates pressure on Iran, targeting Chinese refiners and countries paying transit fees for Hormuz passage.
West Texas Intermediate (WTI) oil price remains in the negative territory after experiencing volatility, trading around $97.00 per barrel during the Asian hours on Wednesday. However, Crude oil prices could rebound amid reports that the United States (US) may extend its blockade on Iran, prolonging supply disruptions across the Middle East.
The Wall Street Journal reported on Wednesday that US officials said President Donald Trump has instructed aides to prepare for an extended blockade of Iran. The report noted that Trump opted to continue pressuring Iran’s economy and oil exports by restricting shipping to and from its ports. Sources added that he considers alternative options, such as resuming bombing or stepping away from the conflict, riskier than maintaining the blockade.
The United Arab Emirates (UAE) is set to exit the Organization of the Petroleum Exporting Countries on May 1, dealing a significant blow to the oil producers’ group as the unprecedented energy crisis driven by the Iran conflict exposes widening divisions among Gulf nations, Reuters reported on Tuesday.
President Trump also said earlier that Iran has urged Washington to lift its naval blockade of the strait while negotiations to end the conflict continue, with disruptions already tightening energy flows from the region. The closure of this critical corridor has halted roughly 20% of global oil shipments.
The US has further intensified pressure on Iran through additional measures, including the potential imposition of sanctions on Chinese refiners linked to Tehran, as well as on countries paying transit fees to secure passage through the Strait of Hormuz.
