Overview

• Brent crude is trading at approximately $67 per barrel, with WTI at $63, reflecting modest gains in early Monday trading.
• Conflicting statements from President Trump and Treasury Secretary Scott Bessent have heightened uncertainty about U.S.–China trade negotiations, impacting global growth expectations.
• OPEC+ is expected to propose accelerating oil output hikes for a second consecutive month during its May 5 meeting, raising oversupply concerns.
• Geopolitical risks, including U.S.–Iran nuclear talks in Oman and a deadly explosion at Iran's Bandar Abbas port, are contributing to market volatility.
• Analysts note that the absence of significant news is driving speculative price increases as traders position ahead of potential supply changes.