Oil prices gain on US-EU trade deal
Oil prices got a bump on Monday after the US and EU struck a deal slapping 15% tariffs on most EU goods.
The move helped calm worries about a full-on trade war, which could have slowed economies and cut fuel demand.
Brent crude hit $68.66, with US oil at $65.38 per barrel.
OPEC+ plans to boost oil output this August
Talks between the US and China in Stockholm are keeping hopes up for stable trade, but OPEC+ plans to boost oil output this August might keep prices from climbing too high.
Venezuela's state oil company is also looking to restart exports if US licenses return, which could add more supply soon.
Tensions in the Middle East are adding extra uncertainty
Tensions in the Middle East are adding extra uncertainty—Yemen's Houthis just threatened ships heading to Israeli ports, raising security fears for global shipping routes already stressed by conflict and trade issues.
All of this means oil markets are on edge right now.