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On Tuesday, June 10, oil prices jumped, demonstrating cautious market optimism about a potential breakthrough in trade talks between the United States and China. Investors are awaiting the results of the dialogue in London, which could improve global economic prospects and stimulate demand for oil. This was reported by Reuters.
Thus, Brent futures rose 28 cents (0.4%) to $67.32 per barrel, while WTI rose 23 cents (also 0.4%) to $65.52. The day before, Brent had already reached a maximum of $67.19 over the past month and a half.
US President Donald Trump said that the talks were going well and that “he was getting nothing but positive reports” from his team. Meetings between senior officials from both countries could ease some of the trade pressure, particularly on tariffs and restrictions on rare earth exports.
Alongside geopolitical factors, the market is also reacting to other risks, such as wildfires in Canada, which could disrupt oil supplies in North America.
Analysts are also closely monitoring the position of Iran, which has promised to provide a counter-offer in response to US statements on the nuclear deal. The lifting of sanctions against Tehran will potentially allow it to increase exports, which could mitigate the current price increase.
Meanwhile, OPEC+ continues to deploy a strategy of phasing out production cuts. In May, according to Reuters, total production increased, although some countries, such as Iraq, are trying to reduce production to compensate for previous surpluses.
Experts warn that the second half of 2025 could bring a surplus in the market, especially if the market cannot absorb additional oil. Daniel Hines, Senior Strategist at ANZ, warns: “Further OPEC production growth could put pressure on prices.”
