Global oil price today 2025/5/16 Brent reached 64 dollars and 63 cents
According to the economic section of the international “Webangah News Agency” citing Tasnim News agency, oil prices experienced a sharp decline in yesterday’s trading but saw an increase today, with a weekly rise exceeding 1%.The optimism stems from the potential return of Iranian oil to the market amid improving relations between China and the U.S.
The price of each barrel of Brent crude oil in the North sea today rose by 10%, equivalent to $0.17,reaching $64 and 63 cents. Similarly, West Texas Intermediate (WTI) crude oil also increased by 11%, equivalent to $0.18, settling at $61 and 73 cents.
Oil prices surged over 2% in yesterday’s trading following statements from Donald Trump regarding nearing a deal.
The agreement between the U.S. and China—the two largest oil consumers in the world—to halt their trade war for 90 days led to an increase in oil prices over the past week. The two countries agreed to refrain from imposing further tariffs on each other’s imports. These conditions were aimed at preventing a global economic downturn and boosting oil demand.
However, the oil trade remains dependent on supply shifts, including the potential return of Iranian oil to post-sanction markets under any agreement between Tehran and Washington.
The International Energy Agency (IEA) announced on Wednesday that it expects global oil supply to increase by 1.6 million barrels per day this year. This figure is 380,000 barrels higher than previous IEA forecasts. The rise in supply from OPEC members like Saudi Arabia and others is among the reasons for this revised forecast.
