Global oil price today May 20 2025 Brent crude hits $65.50
According to webangah News Agency, the potential collapse of U.S.-Iran nuclear negotiations and diminished prospects for increased Iranian oil supply have driven up crude prices in Tuesday’s trading session.
North Sea Brent crude rose by 1 cent (0.01%) to $65.50 per barrel, while U.S. West Texas intermediate (WTI) gained 1 cent (0.02%) to trade at $62.70.
Iranian Deputy Foreign Minister Majid Takht-Ravanchi warned Monday that talks with Washington would fail if the U.S. insists on complete uranium enrichment cessation.
U.S Special Envoy Steve Wittkopf reiterated Sunday that any agreement must include enrichment restrictions to prevent nuclear weapons development.
A potential nuclear deal could lift U.S sanctions and increase Iran’s oil exports by 300,000 barrels per day to reach 400,000 bpd.
Market pressures intensified as Moody’s downgraded America’s credit rating amid concerns over its $36 trillion national debt growth – the world’s largest oil consumer facing economic headwinds.
Economic data from China - the top global oil importer – showed slowing industrial production and retail sales growth, further impacting oil markets.
Key market drivers include:
- The Trump-era tariffs’ lingering effects
- The stalled Iran-U.S negotiations
- global economic instability
- The Russia-Ukraine conflict
Russian President Vladimir Putin stated monday that Moscow remains open to peace talks with Ukraine following phone discussions with former U.S President Trump, calling current diplomatic efforts “on the right track.”
