Overview

• Oil prices reached their highest since July 18 with Brent above $70 and WTI near $67 after a more than 2% rally
• The U.S.-EU trade agreement sets a 15% import tariff to prevent broader barriers and support fuel demand
• Talks to extend the U.S.-China tariff truce past the August 12 deadline have strengthened demand forecasts
• President Trump’s 10–12-day ultimatum for Russia to advance a Ukraine truce has raised supply concerns alongside new EU sanctions on Russian oil
• OPEC+ plans to add 548,000 barrels per day of output in August even as U.S. and other non-OPEC production hit records and Houthi warnings threaten Red Sea routes