Oil Prices Jump on Trade Deal Hopes

Oil prices experienced a significant surge, climbing more than 3% on Thursday. This uptick was largely fueled by optimism surrounding upcoming trade talks between the United States and China, the world's top oil consumers. Additionally, statements from US President Donald Trump regarding the establishment of a post-tariff trade agreement with Britain further bolstered market confidence.

Market Reaction

By late morning trading, West Texas Intermediate (WTI) for June deliveries had increased by 3.32%, reaching $59.94 per barrel. Similarly, Brent crude for July settlements saw a 3% rise, trading at $62.87 per barrel.