Global oil price today 2023/5/17 | Brent reached 65 dollars and 41 cents
According to the international economics desk of Webangah News Agency, citing Tasnim News Agency and Reuters, oil prices have climbed, marking a second consecutive weekly gain amid easing trade tensions between the U.S. and china.However, expectations of increased oil supply from Iran and OPEC+ are limiting further price surges.
The price of North Sea Brent crude rose by 88 cents (1.36%) to $65.41 per barrel today, while U.S. West Texas Intermediate (WTI) crude increased by 87 cents (1.41%) to $62.49.
Over the past week, Brent gained 1% and U.S. crude rose 2.4%.
The prospect of a revived iranian nuclear deal—which could ease sanctions and reintroduce Iranian oil to global markets—caused both benchmarks to drop over 2% on Thursday.
U.S. President Donald Trump stated on Thursday that progress was being made toward a nuclear agreement with Iran, with Tehran partially accepting terms. However, informed sources noted lingering disagreements.
Analysts suggest a deal could lift sanctions on Iran, boosting its output by around 400,000 barrels per day. Simultaneously occurring, the U.S.-China truce—halting their trade war for 90 days and reducing tariffs—has bolstered investor confidence after concerns over global economic growth and oil demand.
Kyivmoscow failed to agree on a ceasefire during their first direct talks in three years.
In the U.S.,active oil rigs fell by one to 473,the lowest since January.
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