WTI crude oil futures dropped to around $65.5 per barrel on Tuesday, marking a third consecutive session of losses, as persistent uncertainty over trade negotiations fanned fears about the demand outlook. Investors are closely watching EU-US trade talks this week as they seek to strike a deal before the August 1 deadline—when President Donald Trump has threatened to hit most of the bloc’s exports with 30% tariffs. At the same time, the bloc is stepping up preparations to strike back if the two sides fail to secure a deal. Supply-side pressures have also emerged, as OPEC+ unwind production cuts. Data released on Monday showed that Saudi Arabia’s crude exports rose to a three-month high in May. Elsewhere, Iran announced on Monday that it will resume nuclear talks with European powers this week in an effort to revive the 2015 nuclear deal and avoid the reimposition of international sanctions.
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