Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Oil prices fell below the key $70 per barrel mark last week as increased output from OPEC+ eased supply concerns, while renewed U.S. tariff threats under President Donald Trump weighed on global demand expectations.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
Oil prices rose on Tuesday, with analysts saying that uncertainty would keep prices elevated, even as there were no concrete signs of any production losses stemming from the Iran-Israel conflict.
Oil prices fell for the first time in three weeks, with expectations mounting that OPEC+ will raise production in July, Bloomberg reported.
Kazakh President Kassym-Jomart Tokayev held a meeting to address the worsening global market situation amid the collapse of energy and commodity prices on global markets due to tariff conflicts, the presidential press service said.
Oil prices slid on Monday as investors weighed the potential impact of ceasefire discussions between Russia and Ukraine, which could lead to an increase in Russian oil entering global markets.
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