Oil futures end the week on a positive note, lifted mostly by easing trade tensions after the U.S. and China agreed to cut tariffs on each other’s goods for 90 days to allow for talks. Keeping a lid on prices despite stronger summer demand approaching are OPEC+ production plans and U.S. talks on Iran’s nuclear program. President Trump’s optimism that a deal can be reached with Tehran raises the possibility of the U.S. lifting sanctions on Iranian oil. “The market reacted to the president’s words seemingly with the view that it could lead to more Iranian oil flowing onto the market,” says Anthony Rapa, co-chair of Blank Rome’s international trade practice. That would “have a positive impact on prices from the Trump perspective, which is that they want prices to be lower,” he says. WTI settles up 1.4% at $62.49 a barrel for a 2.4% weekly gain. Brent rises 1.4% to $65.41 a barrel, up 2.3% on the week.
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"Oil Futures Post Second Straight Weekly Gain," by Anthony Harrup, was published in The Wall Street Journal on May 16, 2025.