Oil Prices on the Rise

Crude oil prices experienced a significant increase, surpassing 1% on Thursday. This surge comes in the wake of United States Treasury Secretary Scott Bessent's confirmation that trade negotiations with China are set to begin this Saturday in Switzerland. The anticipation of these talks has injected optimism into the market, contributing to the price hike.

Federal Reserve's Decision Impacts Market

Adding to the market's dynamics, the US Federal Reserve announced its decision to maintain key interest rates unchanged. This move, amidst the ongoing uncertainty fueled by tariffs, has further influenced oil prices, underscoring the interconnectedness of global trade policies and energy markets.

Current Oil Prices

As of early Thursday, West Texas Intermediate (WTI) for June's settlements saw a 1.19% increase, trading at $58.76 per barrel. Similarly, Brent for July's deliveries climbed by 1.00%, reaching $61.72 per barrel. These figures highlight the immediate impact of geopolitical and economic developments on oil pricing.