Oil Rises After Trump Delays EU Tariffs
On Monday, West Texas Intermediate (WTI) crude oil futures climbed to approximately $61.80 per barrel, marking a second day of upward movement. This increase followed President Donald Trump's announcement to postpone the imposition of significant tariffs on European goods. On Sunday, Trump stated that the proposed 50% tariffs on EU imports would be deferred from June 1 to July 9, allowing additional time for negotiations with the European Union. This move alleviated fears of a trade conflict that could hinder global economic growth and reduce energy demand. Furthermore, oil prices received a boost from escalating geopolitical tensions in the Middle East. On Sunday, Israel's military declared plans to take control of 75% of the Gaza Strip within the next two months, heightening concerns of a broader regional conflict. Additionally, both Iran and the United States concluded their fifth round of discussions in Rome on Friday, showing some signs of limited progress in resolving the prolonged dispute over Iran's nuclear program.
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