Oil Prices Surge Over 3% After US-China Tariff Suspension Agreement

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Published May 12, 2025, 09:44 AM

Oil prices rose on Monday following positive developments in U.S.-China trade talks over the weekend, which alleviated market concerns about ongoing trade disputes. The progress in negotiations between the world's two largest crude oil consumers has boosted market sentiment, suggesting a potential resolution to their trade conflict. The talks resulted in a more than 3% jump in oil prices after China and the U.S. agreed to a tariff suspension, sparking hopes of increased demand.

Brent crude futures increased by 27 cents, or 0.4%, to $64.18 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 28 cents, or 0.5%, to $61.30 a barrel. Both benchmarks saw gains of more than $1 on the previous Friday and over 4% for the week, marking their first weekly increase since mid-April.

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Sources

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#Crude #oil prices surge as demand hopes rise on US-China talks progressing @sheersh0510

عين ليبيا

@EanLibya

Oil prices rose in Asian trading on Monday, driven by the optimism that prevailed in the oil markets following trade talks between the United States and China, which concluded positively at the beginning of the week, which supported market sentiment regarding the possibility of finding a solution to the trade dispute between the largest consumers of crude.