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(Bloomberg) — Oil ticked higher after a volatile week as traders parsed the latest signals in the trade war, prepared for details of how China aims to support its economy, and weighed geopolitical developments in Iran.
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Brent climbed above $67 a barrel after dipping 1.6% last week, while West Texas Intermediate was near $63. Treasury Secretary Scott Bessent told ABC News that talks were ongoing with US trading partners, and “some of those are moving along very well, especially with the Asian countries.”
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In China — the world’s largest crude importer, and economy subject to the harshest US levies — officials plan to hold a press conference later Monday about measures to stabilize employment and ensure stable growth.
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Oil is headed for the biggest monthly loss since 2022 after touching a four-year low. Futures have been burdened by concerns that the US-led trade war will stifle economic activity and hurt energy demand. At the same time, the OPEC+ cartel has compounded bearish sentiment by ramping up idled production. The group will meet on May 5 to discuss output plans for June.
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On the geopolitical front, the US and Iran reported signs of progress in talks on a deal over Tehran’s nuclear program, and the two sides agreed to meet again in Europe. Separately, an explosion at the nation’s Shahid Rajaee port on Saturday left dozens dead. The major hub has a strategic location on the Strait of Hormuz, a key conduit for the global oil trade.
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Elsewhere at the weekend, Ukrainian President Volodymyr Zelenskiy held a one-on-one meeting with Donald Trump. Afterward, the US president said his Russian counterpart, Vladimir Putin, may be stalling to avoid ending the war and suggesting further sanctions might be needed.
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