Oil Rises as Trump Extends Deadline for EU Tariffs
Oil rose for a second session after President Donald Trump said he would extend the deadline for the European Union to face so-called reciprocal tariffs, raising some optimism for easing trade tensions.
Brent climbed above $65 a barrel and West Texas Intermediate traded near $62. Trump on Friday threatened to impose a higher 50% levy on the EU at the start of next month, but has given the bloc until July 9 to reach a trade deal after a phone call with Commission President Ursula von der Leyen.
Oil has been trending lower since mid-January as the fallout from Trump’s sweeping tariffs and retaliatory measures weigh on the outlook for demand. Plans by OPEC+ to boost idled production has added to bearish headwinds, with the group set to meet on Sunday to decide output policy for July.
Trump, meanwhile, said he had “very good” talks with Iranian officials over the weekend on his push to put limits on the Islamic Republic’s nuclear programs. The US and Iran held discussions last week in Rome that the Iranian foreign minister and lead negotiator, Abbas Araghchi, said could lead to an agreement in the next couple of meetings.
Brent for July settlement added 0.7% to $65.24 a barrel at 7:30 a.m. in Singapore.
WTI for July delivery increased 0.8% to $62.00 a barrel.
Source: Bloomberg
