WTI hovers around 98.00 due to persistent Middle East supply concerns
West Texas Intermediate (WTI) crude eases from intraday highs but remains elevated near $98.10 per barrel during Monday’s Asian session, supported by persistent Middle East supply concerns.
US President Donald Trump has reportedly given Iran a 48-hour deadline to reopen the Strait of Hormuz or risk strikes on its energy infrastructure. Separate reports indicate Washington is considering a ground operation to take control of Iran’s Kharg Island, a major oil export hub.
In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) warned it would shut the strait entirely if the US acts. Tehran also threatened to target US and Israeli assets across the region, including energy, IT, and desalination facilities, if its own infrastructure is hit.
According to Reuters, Saudi Aramco, the world’s largest oil exporter, has reduced crude shipments to Asian buyers for a second consecutive month in April as the US-Israel conflict with Iran disrupts flows through the Strait of Hormuz. Supplies are limited to Arab Light crude shipped from the Red Sea port of Yanbu, tightening feedstock availability for Asian refiners and constraining output.
Meanwhile, International Energy Agency (IEA) Chief Fatih Birol said he is in talks with governments worldwide about potential emergency stock releases if needed. He described the Middle East situation as severe, warning the crisis could surpass the combined impact of the oil shocks of the 1970s, and stressed that reopening the Strait of Hormuz remains the most critical solution.
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