[International Oil Prices] Russian Sanctions, Concerns Over Iran Nuclear Negotiations Failure Lead to Rebound
- Input
- 2025-05-29 05:01:26
- Updated
- 2025-05-29 05:01:26
International oil prices rose again on the 28th (local time).
The West Texas Intermediate (WTI), the benchmark for U.S. oil prices, rebounded after a day of decline, and Brent crude, the benchmark for international oil prices, rebounded after three days.
WTI did not trade on the 26th due to Memorial Day in the U.S.
As supply concerns reemerged, oil prices rose.
The previous day, U.S. President Donald Trump criticized Russian President Vladimir Putin for expanding the offensive in Ukraine while being passive in ceasefire negotiations, mentioning the possibility of additional sanctions, which triggered the rise in oil prices.
President Trump warned that President Putin was playing with fire and could face serious consequences.
Concerns that the nuclear negotiations between the U.S. and Iran could collapse also pushed up oil prices.
Amid predictions that Israel would launch an airstrike on Iran's nuclear facilities if the negotiations collapse, concerns about disruptions in Iran's oil supply have risen again.
However, expectations of increased production by OPEC Plus (+) limited the rise in oil prices.
On this day, OPEC+ announced that it would reaffirm the production levels agreed upon in December last year. The goal is to reduce production by about 2 million barrels per day until the end of 2026.
However, the market is closely watching what conclusion the eight major member countries, including Saudi Arabia, which voluntarily reduced production, will reach at a video conference on the 31st.
They are effectively increasing production by withdrawing the reduction.
Complex factors have contributed to the rise in oil prices.
Brent crude for July delivery closed at $64.90 per barrel, up $0.81 (1.26%) from the previous day. Oil prices, which had fallen for two consecutive days on the 26th and 27th, rebounded after three days.
WTI for July delivery also rose by $0.95 (1.56%) to $61.84 per barrel. WTI closed the day on an upward trend after a day of decline.
dympna@fnnews.com Song Kyung-jae Reporter