WTI remains subdued near $87.50 as Trump signals renewed Iran talks

• WTI falls as traders expect renewed US–Iran talks before the current two-week ceasefire expires.
• The United States maintains a naval blockade on Iranian oil exports via the Strait of Hormuz.
• IEA said global oil supply is expected to decline by 1.5 million barrels per day this year.

West Texas Intermediate (WTI) oil price extends its losses for the second consecutive day, trading around $87.50 per barrel during the Asian hours on Wednesday. Crude oil prices fall amid easing supply concerns as traders anticipate a second round of peace talks between the United States (US) and Iran before the current two-week ceasefire expires.

The New York Post reported that US President Donald Trump signaled negotiations could resume this week, while also opposing a 20-year suspension of Iran’s nuclear enrichment program. Meanwhile, Vice President JD Vance highlighted “significant progress” in the initial round of Iran talks held in Pakistan, with follow-up discussions potentially set to take place within days.

The United States continues to enforce a naval blockade on Iranian oil exports through the Strait of Hormuz, while Tehran is reportedly considering a temporary halt in shipments via the corridor to support progress toward a potential agreement.

Data from the American Petroleum Institute (API) showed US Crude Oil Stock rose by 6.1 million barrels in the week ending April 10, up from a 3.72 million-barrel increase in the prior week. This marks a second straight build, pointing to renewed stockpile accumulation amid ongoing geopolitical tensions and shifting global supply expectations.

The International Energy Agency (IEA) said in its latest monthly report that global oil supply is expected to decline by 1.5 million barrels per day this year, as attacks on Middle East energy infrastructure and Iran’s effective closure of the Strait of Hormuz disrupt production and exports. This represents about 1.5% of global demand and contrasts with earlier projections of supply growth, according to Reuters.