WTI crude oil futures rose above $65 per barrel on Thursday, building on recent gains and stabilizing from earlier losses in the week, as investors awaited the upcoming US–Iran talks. Officials from both countries are set to meet next week as part of efforts to curb Tehran’s nuclear program and reduce tensions in the Middle East. This comes after President Trump’s reaffirmation of the maximum pressure campaign on Iran, including oil export restrictions.
However, he also suggested a possible easing of enforcement to support Iran’s reconstruction and indicated that China may continue importing Iranian crude. Meanwhile, signaling firm demand, US data showed crude inventories fell 5.8 million barrels to an 11-year seasonal low, while Cushing stockpiles dropped to its lowest level since February. Attention is now shifting to the July 6 OPEC+ meeting, where production policy for August will be decided. Russia may back a supply increase if the group deems it necessary.
