Oil prices are rising modestly on Monday morning, May 26, on news of a delay in the introduction of a 50% tariff on imports of goods from the EU to the US. The price of July Brent futures on the London ICE Futures exchange, according to data at 8:06 a.m., rose by $0.28 (0.43%), to $65.06 per barrel. As Interfax-Ukraine reports, on May 23 these contracts rose by $0.34 (0.54%), to $64.78 per barrel.
WTI oil futures for July on the electronic trading floor of the New York Mercantile Exchange (NYMEX) have so far risen by $0.26 (0.42%), to $61.79 per barrel. According to the results of the previous session, the price of these contracts increased by $0.33 (0.54%), to $61.53 per barrel.
“Oil and U.S. index futures are up Monday morning after President Trump extended the deadline (for imposing tariffs — ed.),” said IG analyst Tony Sycamore.
Meanwhile, data from oil services company Baker Hughes showed that the number of active oil rigs in the United States fell by eight last week to 465, the lowest since November 2021. Investors also remain focused on the ongoing U.S.-Iran talks over the Iranian nuclear issue.
Earlier, on May 23, Trump announced the introduction of a 50% tariff on all goods imported from the European Union, starting June 1, 2025. The U.S. President threatened to impose tariffs on goods from the European Union, saying that “our negotiations with them will not lead to anything.” Trump also emphasized that goods produced in the United States will be exempt from these tariffs. He noted that the annual US trade deficit with the EU exceeds $250 billion, which, in his opinion, indicates the need for such measures.
On May 26, 2025, Trump announced that he had agreed to give the European Union a reprieve until July 9 to conclude an agreement on tariffs.
