Brent crude oil futures rose above $67.5 per barrel on Wednesday, the highest in eight weeks, lifted by optimism over US-China trade talks and renewed tensions between the US and Iran.
Donald Trump declared the China trade deal “done,” pending final sign-off with President Xi.
Meanwhile, Trump voiced doubts over reaching a nuclear agreement with Iran, and Tehran threatened to strike US bases if talks fail.
On the supply side, OPEC+ is set to boost production by 411,000 barrels per day in July as it continues unwinding cuts.
However, a drawdown in US crude inventories, with API data showing a 370,000-barrel drop last week, suggests tightness remains.
Markets now await official EIA data due later Wednesday for confirmation.