Oil Prices See Slight Uptick as Trump Delays EU Tariffs
(MENAFN) Oil prices edged up slightly on Monday, supported by U.S. President Donald Trump’s move to postpone the implementation of heavy tariffs on the European Union, alongside ongoing tensions fueled by the Russia-Ukraine war.
At 10:23 a.m. local time (07:23 GMT), Brent crude, the global benchmark, inched up 0.01% to trade at $64.46 per barrel, just above its previous session close of $64.45.
Meanwhile, West Texas Intermediate (WTI), the US crude benchmark, rose about 0.2%, reaching $61.69 per barrel, up from $61.56 at the end of the prior trading session.
The White House confirmed that Trump extended the deadline for a planned 50% tariff on EU imports to July 9, following a phone conversation with European Commission President Ursula von der Leyen.
Von der Leyen acknowledged the talks and stressed that the EU stands ready to respond "swiftly and decisively" in negotiations. "To reach a good deal, we would need the time until July 9," she stated.
Trump had previously threatened to enforce tariffs starting June 1, citing unfair trade practices that negatively impact American businesses. The delay marks a temporary easing of US-EU trade tensions, though disagreements over tariffs, subsidies, and regulatory rules persist.
Experts suggest the tariff postponement supports oil prices by improving global economic outlooks and underpinning demand forecasts for energy.
At the same time, the ongoing conflict in Ukraine continues to heighten risk premiums in the oil market.
Ukrainian officials reported that at least 12 people died and over 60 were injured following a second night of extensive Russian drone attacks on Sunday.
The Ukrainian Air Force announced it intercepted 266 out of 298 drones launched by Russian forces, as well as 47 missiles. In contrast, Russia’s Defense Ministry claimed responsibility for a "massive" strike targeting Ukraine’s military-industrial complexes and strategic communication hubs.
This recent surge in hostilities intensifies supply worries, placing further upward pressure on crude prices.
Still, some traders remain wary amid ongoing concerns about potential oversupply. The OPEC+ coalition—which includes OPEC members and additional producers outside the group—is scheduled to meet on June 1 to potentially consider raising oil output.
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