Overview

• Brent crude traded at $65.66 per barrel, with West Texas Intermediate at $62.85, reflecting a stabilization after recent declines.
• Iran’s deputy foreign minister stated that nuclear talks with the U.S. are unlikely to progress if uranium enrichment cuts remain a key demand, threatening additional oil supply from Iran.
• OPEC+ has increased production, further exacerbating market oversupply, as the International Energy Agency forecasts a 0.8 million barrels per day surplus for 2025, growing in 2026.
• Moody’s recent downgrade of the U.S. sovereign credit rating and slowing industrial output in China have dampened global economic outlooks, applying downward pressure on oil prices.
• U.S. President Donald Trump’s retreat from Ukraine-Russia peace efforts and geopolitical uncertainty continue to weigh on market sentiment.