Thursday, May 29, 2025

Oil Prices Explode as Trump Hits Pause on Tariffs—WTI Rockets 4.6%

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International oil prices took a dramatic upward turn on Wednesday.

Oil prices had been on a four-day losing streak until the previous day due to U.S. President Donald Trump’s announcement on reciprocal tariffs. They soared after Trump declared a “90-day suspension of reciprocal tariffs for most countries.”

The global oil benchmark of Brent crude increased by $2.66 (4.23%) to $65.48 per barrel for the June delivery.

U.S. West Texas Intermediate (WTI) crude, which had dipped below $60 per barrel the previous day, also increased significantly, reclaiming the $60 mark within just 24 hours.

The near-month WTI contract for May delivery soared by $2.72 (4.6%), closing at $61.82 per barrel.

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