Crude oil prices opened higher this week after President Donald Trump extended the deadline for a trade deal with the European Union to early July.
Trump granted the extension following a request from European Commission President Ursula von der Leyen, who said the EU needed more time to finalize the agreement. Trump had previously warned of imposing 50% tariffs on EU imports starting next month due to delays in the negotiation process.
“A nice push higher in crude oil and U.S. equity futures this morning after U.S. President Trump extended the deadline,” said IG analyst Tony Sycamore, speaking to Reuters.
As of Monday morning, Brent crude was trading at $64.96 per barrel, and West Texas Intermediate (WTI) stood at $61.68—both marking gains from Friday. The rise comes after last week’s losses driven by concerns over a potential U.S.–Iran nuclear deal and expectations of increased oil output from OPEC+.
The anticipated production boost from OPEC+ is still weighing on market sentiment. The group is expected to add another 411,000 barrels per day in July, matching the same increase scheduled for June. This ongoing supply rise is keeping oil prices from climbing further.
Meanwhile, U.S.–Iran nuclear talks ended on Friday in Rome with limited progress. While both sides held firm on their demands, they expressed willingness to continue negotiations.
“We have just completed one of the most professional rounds of talks… We firmly stated Iran’s position,” Iranian Foreign Minister Abbas Araqchi told reporters. “The fact that we are now on a reasonable path, in my view, is itself a sign of progress.”
A U.S. official, quoted anonymously by Reuters, added, “The talks continue to be constructive – we made further progress, but there is still work to be done.”
These ongoing negotiations suggest that unrestricted Iranian oil exports are unlikely to resume in the near term, reducing the immediate risk of a sharp drop in oil prices.
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