Iran’s President says US ‘must choose’ whether to end war
Iranian President Masoud Pezeshkian said that it is for the United States (US) to decide whether to end its war against the Islamic Republic, as Tehran does not wish to continue fighting, Fox News reported on Thursday.
“When we can resolve issues through dialog, we shouldn’t resort to killing one another. But with the instigations conducted by Israel, they have imposed this war on us,” said Pezeshkian. “But we do not wish to continue,” Pezeshkian adds. “It’s America that must choose whether it wants to end this or not.”
A senior Iranian official said the most possible way to end the conflict would be a phased arrangement, with Iran allowing navigation through the Strait of Hormuz in return for the US lifting its economic blockade and Tehran potentially gaining access to frozen assets.
Earlier Thursday, Pezeshkian said that Iran wants Washington to return to the June ceasefire memorandum before the November midterm elections. Iranian President added that Iran is open to inspections of its nuclear facilities and denied that his government sought to assassinate US President Donald Trump or his family. Trump stated on Tuesday that he believed Tehran was delaying a agreement until after the midterms.
Elsewhere, In his speech at the United Nations General Assembly, Qatar categorically rejected Prime Minister Benjamin Netanyahu's claim that it is conducting an influence campaign against Israel, stating that "his attacks are an effort to divert attention from his political responsibility for policies on the ground."
Market reaction
At the time of writing, the West Texas Intermediate (WTI) is up 0.80% on the day at $92.86.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
Author
Lallalit Srijandorn
FXStreet
Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.
