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Qatar's Prime Minister will meet US President Donald Trump on Monday
A new ceasefire and the resumption of nuclear talks will be on the agenda when US President Donald Trump meets Qatar's Prime Minister at the White House on Monday at 17:00 GMT, Reuters reported, as the conflict with Iran continues.
The meeting with Sheikh Mohammed bin Abdulrahman Al-Thani, who is also Qatar's Foreign Minister, will take place behind closed doors, according to a US official. The Qatari leader is also due to meet Vice President JD Vance.
Acting as mediator in the negotiations, Qatar rejected claims that Washington and Tehran had failed to secure a deal, saying efforts to reach an agreement were continuing on both sides. According to Axios, Iran has submitted a nuclear proposal to the US via Qatar, but it depends on Washington meeting Tehran's demands, including sanctions relief.
WTI Oil Explained
Traded on international markets, WTI Oil takes its name from West Texas Intermediate and is one of three major crude oil types, alongside Brent and Dubai Crude. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, it is readily refined. Produced in the United States, WTI is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. Its price serves as an oil market benchmark and is regularly cited in media reports.
Supply and demand underpin WTI Oil prices, as they do those of all assets. Stronger global growth can therefore lift demand, while weaker growth can have the reverse effect. Disruptions to supply arising from political instability, wars or sanctions can also affect prices. Another important influence is the action taken by OPEC, a group of major oil-producing countries. Because oil is traded predominantly in US Dollars, the currency's value also matters for WTI Crude Oil prices: a weaker US Dollar can make oil more affordable, while a stronger currency can have the opposite effect.
WTI Oil prices are influenced by weekly inventory figures from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Movements in stocks reflect shifts in supply and demand: a decline may signal stronger demand and lift oil prices, whereas a rise may indicate greater supply and weigh on prices. The API releases its report each Tuesday, followed by the EIA the next day. The two sets of figures tend to be similar, coming within 1% of one another 75% of the time. As the EIA is a government agency, its figures are regarded as more reliable.
At meetings held twice a year, the 12 oil-producing members of OPEC (Organization of the Petroleum Exporting Countries) jointly set their production quotas. These decisions frequently influence WTI Oil prices. Lower quotas can constrain supply and lift oil prices; an increase in OPEC production has the reverse effect. The broader OPEC+ group brings together OPEC and ten additional non-OPEC members, of which Russia is the most notable.
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