Iran: US President Donald Trump Says He “will not attack Iran today”

Immediate military action against Iran is off the table, according to US President Donald Trump. Aljazeera news agency reported on Sunday that Trump said “there will not be a strike today,” ruling out an immediate attack.

With Iranian and Houthi threats against Americans in the Middle East continuing to mount, Trump had earlier raised two possibilities: Washington might need to “finish the job” or could secure an agreement with Tehran.

Miscalculations in launching the war have drawn the US into a “quagmire”, according to Iran’s parliament speaker, Mohammad Bagher Ghalibaf. He said Washington must now “take the necessary steps to extricate” itself.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Despite an apparent weeks-long impasse in negotiations over the war, Tehran remains open to diplomacy, Iran’s Foreign Ministry spokesperson, Esmail Baghaei, said. Messages are being relayed to the US through intermediaries, he added.

WTI Oil: Key Questions Answered

WTI Oil and Its Benchmark Role

Traded on international markets, WTI Oil is a grade of crude oil whose name stands for West Texas Intermediate. It is one of three major types, alongside Brent and Dubai Crude. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, WTI is easy to refine. Production is based in the United States, with distribution through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, and its price regularly features in media reports.

Key Drivers of WTI Oil Prices

Supply and demand underpin WTI Oil prices, as they do those of other assets. Stronger global growth can lift demand, while weaker growth can reduce it. Supply disruptions caused by political instability, wars or sanctions can also affect prices. Another major influence is production policy set by OPEC, a group of leading oil-producing countries. WTI Crude Oil prices are also sensitive to the US Dollar because oil is predominantly traded in that currency. A weaker US Dollar can therefore make oil more affordable, while a stronger currency can have the reverse effect.

Weekly Inventories and WTI Oil Prices

WTI Oil prices respond to weekly oil inventory releases from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Inventory movements signal shifts in the supply-demand balance. A decline in stocks can suggest stronger demand and lift oil prices; a build can point to greater supply and weigh on prices. API releases its report every Tuesday, followed by EIA the next day. The two sets of results generally align: 75% of the time, they are within 1% of each other. As EIA is a government agency, its figures are regarded as more reliable.

12 Producers: OPEC’s Influence on WTI Oil Prices

At meetings held twice a year, the 12 oil-producing nations of OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI Oil prices. Lower quotas can constrain supply and drive oil prices higher; increased OPEC production can have the reverse effect. The broader OPEC+ group brings in ten additional non-OPEC members, with Russia the most notable.