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On August 22, Iranian Foreign Ministry spokesman Baghae said that the United States announcement of new economic sanctions against Iran goes far beyond an ongoing illegal "economic war" against a single country and has no basis in international law. Baghae posted on social media early on August 22 that such sanctions violate the principle of sovereign equality in the UN Charter. This "economic coercion that forces a sovereign state to change its legitimate policy choices" constitutes a completely illegal act.On August 22, it was reported that on August 21, the foreign ministers of eight countries—Egypt, Jordan, the UAE, Indonesia, Pakistan, Turkey, Saudi Arabia, and Qatar—issued a joint statement condemning Israels continued illegal settlement policy in the occupied Palestinian territories and firmly opposing the "E1 Block" settlement plan and related settlement activities in East Jerusalem. Israel occupied East Jerusalem and parts of the West Bank during the 1967 Six-Day War and has been building Jewish settlements there. On August 18, the Israeli government issued a tender notice for 1,234 housing units in the "E1 Block" settlement project. In August 2025, Israeli Finance Minister and far-right politician Smothrich claimed he planned to approve the construction of 3,401 housing units in the "E1 Block," aiming to "destroy the Palestinian state concept."U.S. Energy Secretary: Oil flows smoothly through the Strait of Hormuz thanks to the protection of the U.S. Navy.US President Trump: We will never let Americans fall behind, because we prioritize America.On August 22, a U.S. federal district judge overturned the Trump administrations policy of suspending the issuance of immigrant visas to applicants from 75 countries, stating that the policy exceeded Secretary of State Rubios legal authority. District Judge Janet Vargas stated that the policy announced by the State Department in January was "clearly illegal" and violated federal immigration law. The Trump administration may appeal, and the policy remains in effect.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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