Oil Edges Higher as EU Agrees to US Trade Deal Ahead of Deadline

Bloomberg.com · last updated July 27, 2025 – 10:54 PM

Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump’s tariff deadline of Aug. 1.

Brent was near $69 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded above $65. The EU faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement.

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