Global oil price today 2025/5/12 Brent reached 64 dollars and 71 cents
The price of Brent crude oil from the North Sea today rose by 82 cents, equivalent to 1.28%,reaching $64.73 per barrel.
According to the international economics section of Webangah News Agency, citing Reuters via Tasnim News Agency, oil prices increased during Monday’s trading following the success of trade negotiations between the U.S. and China. Markets are now optimistic that the world’s largest crude oil consumers are moving toward a resolution to end trade tensions.
The price of Brent crude from the North Sea rose by 82 cents (1.28%) to $64.73 per barrel today, while U.S. West Texas Intermediate (WTI) crude also increased by 85 cents (1.39%) to $61.87 per barrel.Both oil benchmarks gained over $1 per barrel on Friday and more than 4% over the past week—marking their first rise since mid-April.
The signing of a trade agreement between the U.S. and Britain has boosted investor optimism about resolving economic challenges caused by U.S.-imposed tariffs on imports from its trade partners.
U.S. trade officials stated that reaching an agreement with China could reduce America’s trade deficit, while Chinese officials confirmed both sides had achieved important progress in talks—though neither party disclosed precise details regarding discussions.
He Lifeng, a senior Chinese economic official, announced that a joint statement would be issued today as positive negotiations between these two major global economies help drive demand for crude oil amid expectations for resumed bilateral trade currently impacted by high tariffs imposed by both nations.
Meanwhile, OPEC+’s decision to accelerate production increases in May and June will bring more crude supply into markets—while talks between Iranian and American negotiators aimed at resolving nuclear disputes concluded sunday in Oman without immediate results but with commitments for continued dialog from both sides.
Reaching a nuclear deal between Iran and America could further ease concerns about tightening global supply constraints—perhaps stabilizing market volatility ahead.End/11
