Last Updated on July 16, 2026 by Deon
West Texas Intermediate crude oil stayed near seventy-nine dollars per barrel on Thursday when people in Europe were trading. This happened because traders were still thinking about what would happen if the United States and Iran had problems. Even though the price of oil went down a bit from what it was before people were still worried that there might not be enough oil in the Middle East.
The recent fighting between countries made people unsure about how oil would be available all over the world. The Middle East is an important place for oil so traders are being careful. They are thinking about what might happen if there are problems that could make it harder to get oil.
Geopolitical Risks Keep Oil Prices High
The biggest reason oil prices are high is because of the problems between the United States and Iran. This is making people worry about the safety of ships that carry oil through the Strait of Hormuz. This is a busy place where oil is transported.
Even though there have not been any problems with oil supplies yet people are still worried. They are watching for any news that could affect how much oil is exported from the Middle East.
In the past when there were problems in the Middle East, oil prices went up. This is because any disruption in oil exports can quickly reduce the amount of oil all over the world.
West Texas Intermediate crude oil stayed near seventy-nine dollars per barrel. It went down a bit from what it was before, but it is still doing well. The price of oil has gone up a lot recently because people are worried about what might happen.
Long as there are problems between countries, traders will probably keep buying oil when the price goes down.
Traders Are Waiting For New Information About The US Economy
People are also watching to see what happens with the US economy. They want to know what will happen with interest rates and how strong the US dollar will be. Since oil is priced in dollars changes in the currency can affect how much oil people want to buy.
If the dollar is strong, oil is more expensive for people in countries to buy. If the dollar is weak, oil prices go up.
People are also watching to see how much oil is stored in the United States. This helps them understand how much oil is available and how much people want to buy.
People Are Still Worried About Oil Supplies
Even though some people are worried about the economy growing, the biggest concern is still about oil supplies. People are worried about what might happen if there are problems with shipping oil if it becomes more expensive to transport oil and if there are problems.
These concerns are keeping the price of oil high. If things get worse, oil prices could go up more. If things get better, people might sell their oil, and the price could go down.
What Might Happen To West Texas Intermediate Crude Oil
From a perspective, West Texas Intermediate crude oil is still doing well. It is staying above a level near seventy-eight dollars per barrel. This means the trend is still positive.
If people keep buying oil, the price could go up to eighty dollars per barrel. If the price stays above that level, it could keep going up.
If the price goes down, it could trigger a bigger drop in the price of oil. Unless the problems between countries get better, the price of oil will probably stay high.
What To Expect
West Texas Intermediate crude oil is still near seventy-nine dollars per barrel. People are watching to see what happens with the problems between the United States and Iran. They are also watching to see what happens with the US economy and how much oil is stored. The biggest concern is still about what might happen with oil supplies. Unless things get better, oil prices will probably stay high for a while.
