Oil Prices Increase Amid Trade Delay
(MENAFN) Oil prices experienced slight gains on Monday, supported by U.S. Leader Donald Trump's announcement to delay the enforcement of heavy tariffs on European Union imports and the persistence of geopolitical instability linked to the Russia-Ukraine standoff.
The price of Brent crude, the global oil benchmark, saw a marginal rise of approximately 0.01 percent, reaching USD64.46 per barrel by 10:23 a.m. local time (0723 GMT).
This marked a slight increase from the USD64.45 it traded at during the close of the previous session.
In a similar pattern, the American oil standard, West Texas Intermediate (WTI), climbed about 0.2 percent to settle at USD61.69 per barrel, improving from the earlier price of USD61.56.
The White House announced that Leader Trump has opted to postpone the implementation of a 50 percent tariff on EU goods until July 9.
This decision followed a conversation with European Commission President Ursula von der Leyen.
Von der Leyen verified the exchange, noting that the EU is ready to respond "swiftly and decisively" in trade negotiations.
She emphasized, "To reach a good deal, we would need the time until July 9."
Previously, Trump had threatened to initiate the tariffs starting June 1, arguing that "unfair trade practices" were damaging U.S. businesses.
The postponement indicates a short-term easing in trade friction between the U.S. and the EU, though disagreements over tariffs, subsidies, and regulatory standards remain unresolved.
Experts believe this move lends support to crude prices by uplifting global market sentiment and reinforcing forecasts for energy consumption.
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