FX.co ★ WTI Surges Over 3% to 5-Week High

WTI crude oil futures climbed 3.7% to close at $69.20 per barrel on Tuesday, reaching a five-week peak and building on Monday’s 2.4% increase. This rise comes as easing trade tensions and heightened geopolitical risks stoke concerns about oil supply. Optimism was driven by a US-EU trade agreement that averted a major conflict, thereby improving the outlook for global energy demand. The agreement includes a commitment by the EU to purchase $750 billion in US energy, although analysts have expressed skepticism about achieving this target. Additionally, President Trump increased pressure on Russia by shortening the timeline for progress in resolving the Ukraine conflict and hinted at imposing new sanctions. On the economic front, stronger-than-anticipated US consumer confidence further fueled demand optimism. Investors are paying close attention to the Federal Reserve’s policy meeting this week, where interest rates are expected to remain steady, although a softer tone might emerge due to signs of cooling inflation.