(Bloomberg) — Oil ticked decrease as merchants weighed the affect of Washington’s tariff exemptions for smartphones and different electronics and “constructive” weekend discussions between the US and Iran.
Brent crude was buying and selling close to $65 a barrel, whereas West Texas Intermediate was round $61 after a modest early climb.
Telephones, computer systems and different widespread client electronics had been exempted from levies late on Friday — the primary vital softening in Washington’s present commerce battle with Beijing — although US President Donald Trump later downplayed the transfer as procedural, and mentioned on Sunday he would nonetheless apply tariffs to the sector.
Trump’s punitive levies have weighed on oil, with futures final week sinking to their lowest degree since 2021 as merchants fretted in regards to the affect on international demand. An OPEC+ resolution to carry again output extra shortly than anticipated has added to the bearishness.
Easing pressure with Iran, in the meantime, might supply hope of improved provide to key purchaser China. Saturday’s US-Iran talks in Oman marked the primary top-level engagement since 2022, and signaled a renewed effort to resolve years of standoff over Tehran’s nuclear program. Each nations have agreed to satisfy once more in per week.
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