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For July delivery, WTI crude oil today closed to settle at $ 3.17 to $ 68.15 per barrel. It is the highest since April 2, 2025. For August, Brent crude was last seen by $ 2.29 to trade at $ 69.16.
On the trade front, after a conversation between the US and Chinese officials in London, US President Donald Trump announced that a business deal with China had been signed. Trump said that China would supply the rare earth minerals very essential for the US, and mutually, the US would allow Chinese students to pursue their academics in American colleges.
According to experts, it was seen as an important step for the global economy, it should increase the demand for oil and other essential commodities.
On the Geophysical Front, beyond a employed sixth round of the US-Iran nuclear dialogue, Trump said in a podcast that he is now less confident that Iran would agree to close its nuclear program.
However, he said that the US would not allow Iran to keep nuclear weapons. In response, Iran’s Defense Minister warned that Iran would attack American bases if necessary.
A successful nuclear deal would have resulted in lifting American sanctions against Iran, which, in turn, would have flooded the market with the supply side with enhancing Iranian oil. But now as it has become a distant possibility.
According to a report by the Energy Information Administration (EIA), on the data front, crude oil inventions in the US declined by 3.644 million barrels last week.
In the supply side, OPEC+ has increased production for an increase of 411,000 barrels per day for May, June and July, leading to a boom in its plan to increase production.
In particular, the General Secretary of OPEC Hatham L-Ges claimed yesterday that the global demand would continue to reach 120 million BPD in the next 25 years, which is 24 percent higher than the current level.
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