Global oil price today 2025/5/14 Brent reached 66 dollars and 23 cents
According to the international economics desk of Webangah news Agency, citing Tasnim News Agency and Reuters, oil prices reached their highest level in two weeks during early trading on Wednesday. The trade agreement between the U.S. and China to temporarily reduce retaliatory tariffs, along with the weakening U.S. dollar, has supported oil prices.
The price of Brent crude from the North Sea today dropped by 40 cents (0.60%) to $66.23 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude fell by 38 cents (0.60%) to $63.29.
The dollar index declined by 0.67% on Tuesday following reports of lower-than-expected inflation data in the U.S., making oil purchases cheaper for holders of other global currencies and boosting demand.
The world’s two largest economies agreed on Monday to pause their trade war for at least 90 days—the U.S. will reduce tariffs on Chinese imports from up to 145% down to 30%, while China will cut its tariffs on American goods from up to 125% down to 10%.
oil prices surged over $1.60 per barrel (nearly 3%) on Tuesday after news of this agreement broke.
Analysts at Rystad Energy noted that while this deal alleviates pessimism about demand prospects, lingering effects of imposed tariffs—despite reductions—will persist.
A decline in gasoline and distillate stockpiles in the U.S.—down by 1.4 million barrels and 3.7 million barrels respectively—also bolstered prices; however, crude inventories rose unexpectedly by 4.3 million barrels according to API data.
Markets are also monitoring President Trump’s Gulf visit starting with Riyadh where he announced lifting long-term sanctions against Syria & approving Saudi Arabia’s proposed $600 billion investment.Rystad suggested his Middle East trip aims partly at preventing summer price spikes as America seeks affordable Middle Eastern crude for strategic reserves.
On Tuesday washington imposed new sanctions targeting entities allegedly aiding Iran’s military-linked oil shipments amid ongoing nuclear negotiations via Oman talks.
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