Global oil price today 2025/5/10 | Brent reached 63 dollars and 91 cents
The price of North Sea Brent crude oil rose by $1.07 (1.70%) today, reaching $63.91 per barrel.
According to the international economics section of Webangah News Agency,citing Reuters via Tasnim News Agency,oil prices increased by around 2% on Friday,marking the first weekly gain as mid-April. The U.S.-UK trade deal has boosted investor optimism ahead of high-level talks between Washington and Beijing officials.
Today, the price of North Sea Brent crude rose by $1.07 (1.70%) to $63.91 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed by $1.11 (1.85%) to trade at $61.02 per barrel. Both benchmarks posted weekly gains exceeding 4%.
Iran’s Oil Production Surpasses All OPEC Members
Continued Record Oil Exports Despite Sanctions
U.S. President Donald Trump stated a day after announcing a deal to reduce tariffs on UK auto and steel exports that China must open its markets to American goods, emphasizing that an 80% tariff on Chinese products “seems appropriate.” The UK agreement and trump’s remarks on China have raised hopes for a similar deal between Washington and Beijing—U.S Treasury Secretary Scott Bassett is scheduled to meet with China’s top economic official, He Lifeng, in Switzerland on May 10th. Current U.S tariffs on Chinese imports stand at 145%.
Rising tensions in the middle East contributed to this week’s oil price surge. Analysts warn that market volatility persists due largely to forecasts for the U.S economy, trade policies, and sanctions targeting Iran and Russia. On Thursday, the U.S sanctioned another self-reliant Chinese refinery for purchasing Iranian crude—a move coinciding with preparations for a fourth round of nuclear talks in Oman. Simultaneously occurring, planned production increases by OPEC+ limited further price hikes this week.
