Oil prices are rising sharply today in response to news that US President Donald Trump will meet with Chinese counterpart Xi Jinping next week at the G20 major economies summit in Japan.
The market hopes to make progress in resolving trade disputes between the two countries. But tensions in the Middle East after the attacks on tankers also contribute to price increases.
North Sea Brent oil shortly before 17:30 CEST added 2.8 percent to $ 62.65 per barrel, while US lightweight WTI rose by 4.1 percent to $ 54.05 per barrel.
“I had a very good telephone conversation with the Chinese President. Next week in Japan we will have a wider meeting on the G20, ”Trump wrote on twitter.
Since the attacks on oil tankers in the Gulf of Oman last week, fears have escalated the escalation of the conflict between the United States and Iran. Washington blames Tehran for attack, but rejects the link. Iran said Monday that it would exceed the enriched uranium limit set by the international agreement on a nuclear program of 2015 in ten days. In May, Trump decided to send 1,500 military personnel to the area.
