Oil Pushes Higher as Trump Extends Tariff Deadline on EU Goods

Bloomberg · last updated May 26, 2025 – 12:11 AM

Oil was steady as the market weighed the outlook for easing trade tensions after President Donald Trump said he would extend the deadline for the European Union to face so-called reciprocal tariffs.

Brent traded near $65 a barrel and West Texas Intermediate was below $62. Trump on Friday threatened to impose a higher 50% levy on the EU at the start of next month, but has given the bloc until July 9 to reach a trade deal after a phone call with Commission President Ursula von der Leyen.

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