Global oil price today May 23 Brent crude hits $64.78
According to the international economics desk of webangah News Agency, concerns over the latest round of nuclear talks between Iran and the U.S. have driven oil prices higher.
North Sea Brent crude increased by 34 cents (0.53%) to $64.78 per barrel, while U.S. west Texas Intermediate (WTI) crude rose by 33 cents (0.54%) to $61.53.
The Memorial Day holiday in the U.S. marks the start of peak summer fuel demand season, when gasoline consumption typically surges.
Iranian and U.S. negotiators met in Rome on Friday for another round of discussions.
Negotiations on curbing Iran’s nuclear program resume as traders fear potential crude oil supply disruptions if no agreement is reached.
The talks appear to have stalled, with analysts warning that failure to secure a deal in this final round could embolden the Zionist regime to launch attacks against Iran.
U.S. President Donald Trump proposed a 50% tariff on goods imported from the European Union starting June 1 during his Friday address.
Andrew Lipow, president of Lipow Oil Associates, stated: “Oil markets face pressure from two fronts. We’re monitoring how U.S. tariffs will impact oil demand while anticipating OPEC+ may boost production this summer.”
The OPEC+ alliance, comprising petroleum-exporting nations and allies including Russia, is expected to approve a 411,000-barrel-per-day production increase for July during next week’s meeting.
OPEC+ has increased its production target by approximately 1 million barrels per day for the months of April, May, and June. The remaining portion of its voluntary 2.2 million barrels per day output cut is expected to be phased out by the end of October.
The adjustment comes as part of the group’s gradual easing of supply restrictions amid recovering global demand.
News Sources: © webangah News Agency, Tasnim News Agency, Reuters
