Trade Deal Fuels Oil Price Increase

Following a landmark trade agreement between the United States and the European Union, oil prices experienced a notable rise. The EU has pledged to purchase $750 billion worth of US energy products, including oil, liquefied natural gas, and nuclear energy, over the next three years. This commitment, alongside the reduction of mutual tariffs, has injected optimism into the markets, leading to increased demand expectations.

Market Response

West Texas Intermediate (WTI) for September deliveries saw a 1.58% increase, trading at $66.13 per barrel by 11:57 am ET. Similarly, Brent for September settlements rose by 1.24%, reaching $69.49 per barrel shortly thereafter.