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.
