WTI Falls Below $93.50 to ~$93.20 on Profit-Taking; US–Iran Tensions Cap Downside

West Texas Intermediate slipped on Thursday as traders booked profits, though US–Iran escalation kept a floor under the tape.

Price stamp (body vs bullet)

WTI is trading around $93.20 during the early European trading hours on Thursday. A bullet on the same page frames the tumble as early Asian — body EU stamp used; not averaged.

Drivers / inventories

Potential downside might be limited amid rising US–Iran tensions and intensifying attacks on tankers in the Persian Gulf. An Iranian senior official said Wednesday Iran is ready for a more intense war if the US continues attacking its territory and infrastructure. Reuters reported Wednesday that Iran had attacked 10 ships near Hormuz after the US sank five Iranian oil tankers.

API: US crude stockpiles for the week ending September 4 declined 300,000 barrels, versus a prior-week fall of 2.6 million barrels and a consensus decrease of 1.3 million. EIA data is due later Thursday.

Prior WTI tape

Follows WTI NY ~$93.85 and WTI EU ~$92.70.

Also see: VLCC Freight Hits Record Near $800k/Day ME–China; US Gulf–Asia Lump-Sum ~$29.5M.

Also see: WTI Rebounds Toward $97 as US–Iran Conflict Escalates.

Also see: EIA Crude Inventories Draw 0.4M vs Forecast 1.4M Draw.

Informational only. Not trading advice, signals, or a guarantee of any market outcome.