From Yahoo Finance: 2025-05-15 20:48:00

Oil prices rose for a second week due to reduced U.S.-China trade tensions. Brent settled at $65.41 per barrel, WTI at $62.49, up 1.4%. Prices were influenced by the prospect of higher supply from Iran and OPEC+. Trump hinted at a possible nuclear deal with Iran, impacting market sentiment.

The rise in oil production by OPEC+ and a potential Iranian nuclear agreement have caused concern among traders. A bearish trend is expected due to the increase in oil supplies. Trump’s comments on nearing a deal with Iran have led to uncertainty in the market, with issues still unresolved.

A potential nuclear deal with Iran could result in 400,000 barrels per day of additional oil supply. The temporary trade truce between the U.S. and China has boosted investor sentiment. The two countries agreed to lower trade duties for 90 days, easing concerns about global growth and oil demand.

Despite the U.S.-China trade truce, there are concerns about long-term trade policies impacting oil prices. Talks between Kyiv and Moscow failed to reach a ceasefire agreement, with Russia setting unacceptable conditions. Israel’s strikes in Yemen aim to weaken Houthi military capabilities. U.S. oil rigs fell to 473, the lowest since January.



Read more at Yahoo Finance: Oil posts weekly gain but remains under supply hike pressure