WTI holds losses near $69.50 amid US-Iran Doha talks

West Texas Intermediate (WTI) oil price remains subdued for the second successive day, trading around $69.70 per barrel during the Asian hours on Wednesday. Crude oil prices decline as supply concerns ease amid potential peace talks in Doha between the US and Iran.

Both nations are working toward a lasting resolution to ease tensions in the Strait of Hormuz following recent military clashes. While Tehran maintains its firm stance on controlling maritime traffic through the strategic waterway, both sides have halted their exchange of fire, allowing oil tanker traffic and shipments to steadily recover.

This easing of geopolitical friction prompted analysts to lower their 2026 oil price forecasts for the first time since the conflict began, snapping a streak of five consecutive monthly increases.

According to a Reuters poll, the reopening of the Strait of Hormuz has significantly alleviated fears of prolonged supply disruptions. However, analysts are now warning of a looming supply glut as global exports rebound much faster than expected. Iran has reported shipping over 40 million barrels of oil since the US lifted its naval blockade, and Russian exports have simultaneously surged to record highs, creating a sharp buildup of barrels at sea.

Meanwhile, the downward pressure on oil prices was slightly offset by shrinking domestic supplies in the United States (US). Market sources, citing data from the American Petroleum Institute (API), reported that US crude oil inventories fell by 6.1 million barrels for the week ended June 26, while gasoline stocks also saw a decline. Energy markets are now awaiting official inventory data from the US Energy Information Administration (EIA), scheduled for release later in the day, to confirm the drawdown.