Oil prices gained on Monday, May 26, 2025, after United States President Donald Trump extended a deadline for trade talks with the European Union (EU).
This eased concerns about U.S. tariffs on the EU that could hurt the global economy and fuel demand.
Brent crude futures rose 26 cents, or 0.4%, to $65.04 a barrel by 0433 GMT, while U.S. West Texas Intermediate crude was up 24 cents, or 0.39%, at $61.77 a barrel.
“A nice push higher in crude oil and U.S. equity futures this morning after U.S. President Trump extended the deadline,” IG market analyst Tony Sycamore said.
Trump said he agreed to extend a deadline for trade talks with the European Union until July 9 after the President of the European Commission, Ursula von der Leyen, said the bloc needed more time to strike a deal.
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Trade and tariff headlines, along with ongoing fiscal concerns, are going to be the main wild card for risk sentiment and crude oil this week, Sycamore told Reuters.
Brent and WTI extended gains after settling 0.5% higher on Friday as limited progress in U.S.-Iran nuclear talks alleviated concerns of more Iranian oil returning to global markets and as U.S. buyers covered positions ahead of the three-day Memorial Day weekend.
Prices were also buoyed by data from energy services firm Baker Hughes that showed U.S. firms, under pressure from lower oil prices, cut the number of operating oil rigs by 8 to 465 last week, the lowest since November 2021.
The gains were capped by expectations that the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, could decide to increase output by another 411,000 barrels per day (bpd) for July at next week’s meeting.
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