WTI Crude Rises to $73 on US-Iran Tensions and Biggest Inventory Draw in a Year

WTI Crude Rises to $73 Amid Iran Tensions and Record Inventory Draw

West Texas Intermediate (WTI) crude climbed to approximately $73.00 during early Thursday’s Asian session, as rising geopolitical tensions in the Middle East and a record drop in US crude oil inventories fueled a bullish turn in oil prices.

View Live WTI Crude Chart

Trump’s Iran Strike Authorization Adds Risk Premium

On Tuesday, US President Donald Trump reportedly authorized plans to strike Iran, but delayed final execution to observe Tehran's willingness to halt its nuclear activities, according to the Wall Street Journal. Trump reiterated his demand for Iran’s unconditional surrender, but Iran’s Supreme Leader Ayatollah Ali Khamenei firmly rejected the proposal.

Analysts note that any direct US military action in the region could intensify the Israel-Iran conflict and make Middle Eastern energy infrastructure more vulnerable, adding upward pressure on crude prices.

Read: Trump’s Role in Oil Market Volatility

EIA Reports Largest US Crude Draw in a Year

Adding to the bullish momentum, the US Energy Information Administration (EIA) reported a massive 11.473 million-barrel draw in crude inventories for the week ending June 13, the largest drop in over a year. This far exceeded both the prior week’s draw of 3.644 million barrels and market expectations of a 2.3 million-barrel decline.

See full report: EIA Weekly Crude Inventory Data

Short-Term Outlook for Oil Markets

With escalating Middle East conflict and significant supply-side reductions, WTI prices may continue trending higher. Traders should watch for:

• Geopolitical developments involving the US, Israel, and Iran
• Further EIA and OPEC+ supply data
• Comments from major producers on market stability efforts

Explore: Oil Price Drivers and Trading Strategies

Conclusion

A combination of geopolitical risks and supply shocks has driven WTI crude to fresh near-term highs. Investors are pricing in conflict risk premiums, especially if tensions between the US and Iran escalate further.

Stay updated with daily energy market moves at the Tredu Commodities Hub.