Oil Prices Rise as China Opens Trade Talks with US

Oil prices rose after China signaled openness to trade talks with the United States, raising hopes for an easing of tensions in the ongoing trade war between the world's two largest economies. This potential thaw in relations improved market sentiment, which had recently been dampened by fears that the trade dispute could trigger a global recession and weaken oil demand. Both Brent and West Texas Intermediate crude futures saw gains, with market watchers noting that reduced trade hostilities would likely boost demand for crude oil. Additional support for oil prices came from U.S. President Donald Trump's threat to impose secondary sanctions on buyers of Iranian oil, following a delay in U.S.-Iran nuclear talks and a renewed 'maximum pressure' campaign aimed at curbing Iran's oil exports. Concerns remain about increased OPEC+ production, as some members may advocate for faster output hikes, but Saudi Arabia has indicated reluctance to further cut supply to support prices. Analysts noted that while no immediate resolution is expected, the willingness of both the U.S. and China to engage in dialogue represents a significant and positive shift for the oil market.