FX.co ★ Brent Ticks Up on Hopes of Easing US-China Trade Tensions

Brent crude oil futures climbed to approximately $66.9 per barrel on Monday due to optimism surrounding potential improvements in U.S.-China trade relations. While it's still unclear whether the two nations have initiated formal trade talks, President Donald Trump recently softened his stance on China, and Beijing has excluded certain U.S. imports from its steep 125% tariffs. Nevertheless, potential gains face limitations as advancements in U.S.-Iran nuclear discussions have triggered concerns about Iranian crude possibly re-entering the market. Furthermore, the likelihood of OPEC+ increasing production for a consecutive month contributes to a cautious outlook. Meanwhile, President Trump indicated over the weekend that Russian President Vladimir Putin might be hindering efforts to resolve the ongoing conflict in Ukraine, suggesting that additional sanctions could be necessary. This statement came following his meeting with Ukrainian President Volodymyr Zelensky.