Overview

• Brent crude neared $65 per barrel and WTI hovered around $61.80 as oil prices recorded a 1% weekly gain driven by trade optimism.
• The U.S. and China agreed to a 90-day tariff pause, boosting global demand expectations and easing economic concerns.
• President Donald Trump stated the U.S. is nearing a nuclear agreement with Iran, which could release up to 0.8 million barrels per day of Iranian crude to global markets.
• The International Energy Agency raised its 2025 oil demand growth forecast to 740,000 barrels per day but revised 2025 supply growth up to 1.6 million barrels per day due to unwinding OPEC+ cuts.
• Market volatility persisted throughout the week, reflecting a tug-of-war between geopolitical supply risks and trade-driven demand optimism.