Brent crude jumps 1% to $68.96, US tariffs weigh on markets
Brent crude oil prices just ticked up, bouncing back a bit following recent US trade developments with the Philippines and Japan.
President Trump announced fresh tariffs—19% on goods from the Philippines and 15% on Japan—which gave a boost to Asian stock markets and US futures.
The price of Brent crude is now at $68.96 per barrel, a small but notable jump.
US-China talks to ease trade tensions
Next week, US Treasury Secretary Scott Bessent will meet Chinese officials to discuss possibly delaying the August 12 tariff deadline.
They're also expected to talk about China buying oil from Russia and Iran, which is currently under sanctions.
These talks are all about easing trade tensions between two of the world's biggest economies.
Brent crude has dropped about 8% this year
Brent crude has dropped about 8% this year thanks to ongoing trade drama and more oil coming from OPEC+.
Even though prices have been bouncing around, analysts think Brent could climb to $75 next year if demand keeps recovering post-pandemic and supply stays tight due to production cuts.