Commodities

Oil Prices Advance as Trump Pauses Tariffs on Some Countries

WATCH: Oil’s fall was compounded by an OPEC+ decision to loosen output curbs at a faster clip than previously expected. Ziad Daoud of Bloomberg Economics has the latest.Source: Bloomberg

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By Devika Krishna Kumar

April 8, 2025 at 10:57 PM UTC

Updated on

April 9, 2025 at 7:21 PM UTC

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Oil prices surged for the first time since US President Donald Trump launched a trade war against most of America’s trading partners as some countries won a brief reprieve on Wednesday.

Global benchmark Brent crude advanced above $65 a barrel after plunging for four sessions and slipping below $60 for the first time since 2021. West Texas Intermediate climbed to above $61.