Oil prices have steadied after experiencing their most significant four-day rally since October, driven by renewed optimism over U.S.-China trade relations and heightened geopolitical tensions involving Iran.
West Texas Intermediate (WTI) crude is trading above $63 per barrel, while Brent crude hovers near $67, reflecting a nearly 10% gain over the past four sessions.
The rally was fueled by a temporary 90-day truce in the U.S.-China trade conflict, which eased concerns over global economic growth and energy demand.
Additionally, U.S. President Donald Trump’s recent visit to Saudi Arabia intensified focus on Iran’s oil exports. Trump warned of exerting “maximum pressure” on Iranian energy exports if a new nuclear agreement isn’t reached, following the U.S. State Department’s sanctions on a network facilitating Iran’s oil shipments to China.
However, the market’s upward momentum was tempered by reports from the American Petroleum Institute indicating a 4.29 million-barrel increase in U.S. crude inventories last week, the largest rise in six weeks and contrary to expectations of a 2.4 million-barrel decline.
As traders await official inventory data from the U.S. Energy Information Administration, oil prices remain sensitive to developments in trade negotiations and geopolitical dynamics
