Global oil price today June 26 Brent crude hits $64.81
According to webangah News Agency, citing Reuters, oil prices climbed in early Asian trading on Monday. Former U.S. president Donald Trump’s decision to extend trade negotiation deadlines with the European Union has eased concerns about the impact of U.S.tariffs on global economic growth and fuel demand.
North Sea Brent crude rose by 3 cents (0.05%) to $64.81 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 5 cents (0.08%) to $61.58.
Trump stated his support for delaying EU trade talks until July 9 after European Commission President Ursula von der Leyen said the bloc needed more time to finalize an agreement.
Analysts note that trade tensions, tariffs, and financial concerns remain key factors influencing investor risk appetite and oil prices this week.
The upward trend in Brent and WTI prices continues amid limited progress in nuclear negotiations between Iran and the U.S.,temporarily calming fears about Iranian oil re-entering global markets.
Energy service firm Baker Hughes reported a decline in active U.S. oil rigs—down by eight last week to 465—marking the lowest count as November 2021,which has supported prices amid lower production pressure.
However,expectations of increased output from OPEC+ are capping further price gains. The alliance—comprising OPEC members and allies—is expected to approve a 411,000-barrel-per-day production hike at its July meeting.
Reuters recently reported that OPEC+ will fully phase out its current 2.2 million-barrel production cut by October’s end, having already raised output targets by ~1 million barrels daily during April-June.
