🚨️ Oil is progressing with optimism about tariffs

London, July 24, 2025 (AFP) - Oil prices rose on Thursday, driven by the conclusion of trade agreements by Washington with several partners, making investors optimistic about concluding an agreement with the European Union.

“This development is probably due to the fact that Donald Trump indicated last night that trade negotiations were progressing”, specify analysts at Mind Energy.

Nevertheless, the EU threatened reprisals worth 93 billion euros, which would apply as early as 7 August, if the negotiations failed.

But after compromises between Washington and several countries, including the United Kingdom and Japan, the market now sees a trade agreement between the EU and the United States emerging, with American tariffs reduced to 15%.

As oil demand is particularly sensitive to global economic health, the prospect of tariffs lower than the 30% initially announced by Donald Trump is encouraging barrel prices.

Around 09:30 GMT (11:30 in Paris), the price of a barrel of Brent from the North Sea, for delivery in September, rose 1.14% to 69.29 dollars.

Its American equivalent, a barrel of West Texas Intermediate, for delivery in the same month, gained 1.26% to $66.07 dollars.

In addition, US Treasury Secretary Scott Bessent is due to meet his Chinese counterparts in Stockholm next week to discuss the possible extension of the tariff truce that was due to end in mid-August.

Discussions could include the issue of “Chinese imports of Russian and Iranian oil subject to sanctions”, estimates John Plassard, analyst at Cité Gestion.

Black gold prices were also supported by the publication on Wednesday by the American Energy Information Agency (EIA) of oil stocks in the United States for the week ending on Friday 18 July by the American Energy Information Agency (EIA).

These reserves fell and were below expectations (-3.2 million barrels of crude), which is likely to support prices.

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