Oil prices rise over trade talk optimism

Oil prices rose on Friday, July 25, 2025, as trade talk optimism supported the outlook for both the global economy and oil demand.

Brent crude futures touched a one-week high and were up 20 cents, or 0.29%, at $69.38 a barrel by 0519 GMT, while U.S. West Texas Intermediate crude futures climbed 20 cents, or 0.30%, to $66.23.

Oil, along with stock markets, gained support from the prospect of more trade deals between the United States and trading partners ahead of an August 1 deadline for new tariffs on goods from an array of countries.

After the United States and Japan unveiled a trade deal on Wednesday, two European diplomats said the European Union was moving toward a deal involving a baseline U.S. tariff of 15% on EU imports, plus possible exemptions.

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“Trade talk optimism appears to be offsetting expectations for stronger Venezuelan supply,” ING analysts wrote in a client note on Friday.

The United States is preparing to allow partners of Venezuela’s state-run PDVSA (PDVSA.UL), starting with U.S. oil major Chevron, to operate with limitations in the sanctioned nation, sources told Reuters on Thursday.

Venezuelan oil exports could consequently increase by a little more than 200,000 barrels per day, which would be welcome news for U.S. refiners, as it would ease tightness in the heavier crude market, ING analysts wrote.

So far this week, Brent has gained 0.4% and WTI has fallen 1.4%.

Both contracts advanced about 1% on Thursday, driven by reports of cuts to Russian gasoline exports.

The Star