Overview

• Brent crude futures reached $70.28 a barrel and West Texas Intermediate climbed to $66.93 as benchmarks extended their highest levels since mid-July.
• The US–EU framework agreement imposing a 15% tariff on European goods and talks to extend the US–China tariff truce have calmed growth concerns and underpinned demand expectations.
• President Trump’s announcement of a 10–12 day deadline for Russia to advance a Ukraine ceasefire has raised the prospect of secondary sanctions tightening global oil supply.
• OPEC+ confirmed plans to boost August production by 548,000 barrels per day, aiming to defend market share amid mixed demand signals.
• US crude output hit a record 13.47 million bpd in April, while J.P. Morgan data show July demand up 600,000 bpd against a 1.6 million bpd inventory build, pointing to persistent oversupply risks.