WTI Crude Slips Below $65 Ahead of OPEC+ Meeting Amid Iran Tensions

WTI Crude Slips Below $65 Ahead of OPEC+ Meeting Amid Iran Tensions

West Texas Intermediate (WTI) crude oil prices traded lower on Wednesday, sliding to around $64.85 during early Asian session trading. The downside pressure comes as traders weigh geopolitical tensions in the Middle East and prepare for a key OPEC+ meeting that will shape production levels for August.

OPEC+ Meeting in Spotlight

Investors are closely watching the upcoming OPEC+ policy meeting, where oil producers are set to decide on next month’s output quotas. Market participants expect any indication of tightening supply could offer support to falling crude prices.

Iran’s Nuclear Program and Supply Disruption Risks

Adding to market anxiety, U.S. officials revealed that Iran had considered placing mines in the Strait of Hormuz—a critical global oil shipping route—after Israeli airstrikes in February. While the action was never executed, the possibility of supply disruptions looms large.

Iran’s defiance against the United Nations’ nuclear oversight, coupled with increased uranium enrichment, may lead to a stronger U.S. response. Former President Donald Trump warned that the U.S. would "be there" unless Iran halts its nuclear ambitions.

Any escalation could severely impact global oil flow and send prices surging, though for now, the WTI remains under pressure.

Surprise Inventory Build Ends Draw Streak

The latest U.S. crude inventory data showed an unexpected build, ending a five-week streak of declining stockpiles. This added to bearish momentum, further weighing on WTI prices.

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