Oil Gains as Geopolitical Concerns Rise, OPEC+ Boosts Supply

Bloomberg.com · last updated June 1, 2025 – 10:14 PM

Oil advanced after geopolitical and trade risk increased over the weekend, and as OPEC+ hiked production less than some had feared.

Brent crude for August rose toward $65 a barrel after losing 2.2% last week, while West Texas Intermediate was above $62. Ukraine struck air bases deep in Russia, Iran criticized a report showing its growing stockpiles of enriched uranium, and President Donald Trump said he would be increasing tariffs on steel and aluminum in the latest twist in the trade wars.

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