WTI Crude Oil Falls to $67.20 Per Barrel Amid US-Iran Talks and Demand Fears.

The August WTI crude oil contract closed down $0.14, settling at $67.20 per barrel on July 21, 2025. Oil prices slipped 1% after progress in US-Iran talks. The S&P GSCI Energy Index has been affected by various news events, including Indonesia shipping 2.02 million tons of crude and refined palm oil in March, and China's ENN and Zhenhua Oil agreeing LNG deals with ADNOC. Oil prices have also been impacted by signs of progress in US-Iran talks and demand fears.

West Texas Intermediate (WTI) crude oil prices remained broadly flat around $66.00 on July 21, 2025, despite the European Union (EU) imposing sanctions on Russian energy exports. The sanctions, which include a new price cap on Russian oil exports, are expected to limit the flow of crude but have been somewhat offset by uncertainty surrounding US trade negotiations [1].

The EU sanctions, which were approved on July 21, set a new price cap of around $47.60 per barrel, 15% below the current average traded price. While this should theoretically tighten supply, the impact on WTI prices has been muted due to ongoing trade tensions between the US and its trading partners. US President Trump has threatened to increase the baseline tariff rate for imports from the EU, which has dampened investor sentiment and limited the upside in oil prices [1].

Technically, the WTI futures on the New York Mercantile Exchange (NYMEX) traded flat around $66.00 during the European trading session on Monday. The lack of direction in the oil price can be attributed to the EU's sanctions on Russian energy exports, as well as ongoing uncertainty surrounding US trade negotiations. The US has announced trade deals with several countries, including the UK, Vietnam, and Indonesia, but the potential for further tariffs and the August 1 deadline for negotiations has kept investors on edge [1].

Meanwhile, progress in US-Iran talks has also contributed to a slight dip in oil prices. The August WTI crude oil contract closed down $0.14, settling at $67.20 per barrel on July 21, 2025, following a 1% decline after progress in the talks. The S&P GSCI Energy Index has been affected by various news events, including Indonesia shipping 2.02 million tons of crude and refined palm oil in March, and China's ENN and Zhenhua Oil agreeing LNG deals with ADNOC. Additionally, demand fears have impacted oil prices [2].

In summary, WTI crude oil prices have held steady around $66.00 on July 21, 2025, despite the EU imposing sanctions on Russian energy exports. The lack of direction in oil prices can be attributed to ongoing trade tensions between the US and its trading partners, as well as progress in US-Iran talks. Investors should continue to monitor these developments and other factors that may impact the price of WTI crude oil.

References:
[1] https://www.fxstreet.com/news/wti-flattens-around-66-even-as-eu-approves-sanctions-on-russia-202507210811
[2] https://www.investing.com/news/commodities-news/oil-prices-hold-gains-on-iraqi-oil-field-attacks-but-set-for-weekly-losses-4140938