Oil Prices Hold Weekend, But New Storm Could Come in July
Oil prices held steady ahead of a tumultuous week, as market attention shifted from geopolitical tensions in the Middle East to developments in trade negotiations and the potential easing of U.S. sanctions on Iran. West Texas Intermediate (WTI) was trading near $65 a barrel, while Brent held steady around $68, after gaining 0.5% in the previous session.
U.S. Commerce Secretary Howard Lutnick said the U.S. and China have finalized a trade agreement previously negotiated in Geneva. Meanwhile, the Trump administration is reportedly considering incentives, including sanctions relief, to reopen talks with Iran. The move comes after a ceasefire between Israel and Iran was announced on Tuesday, easing tensions that had sent oil prices soaring following Israel’s June 12 strike.
Despite the steady price, oil still posted a significant weekly loss due to the volatility that occurred throughout the week. The market is now looking ahead to two key events: the OPEC+ meeting on July 6 to determine August production policy, and the July 9 deadline when the US will decide whether to impose new tariffs on its major trading partners.
Source: (ayu-newsmaker)
