Market Optimism Drives Oil Prices Up

In a significant turnaround, crude oil prices experienced a sharp rebound, climbing more than 4% on Wednesday. This surge comes as fears of a global recession begin to ease, painting a brighter outlook for energy demand.

Trump's Tariff Announcement Stabilizes Markets

The upward momentum in oil prices was further fueled by U.S. President Donald Trump's decision to delay retaliatory tariffs for most nations over the next 90 days. This move has not only stabilized markets but also restored confidence among investors in risk assets. Trump detailed this adjustment in a post on Truth Social, highlighting an immediate reduction of duties to 10% for the affected countries.

Price Movements at a Glance

By mid-afternoon ET, West Texas Intermediate (WTI) for May settlements saw a 4.67% increase, trading at $62.38 per barrel. Similarly, Brent crude for June deliveries rose by 4.14%, reaching $65.37 per barrel.