Crude oil jumps practically 4% as U.S. and China slash tariffs

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U.S. Secretary of the Treasury Scott Bessent and U.S. Commerce Consultant Jamieson Greer attend a information convention after commerce talks with China in Geneva, Switzerland, Could 12, 2025.

Olivia Le Poidevin | Reuters

Crude oil futures jumped 4% on Monday, after the U.S .and China agreed to slash tariffs, easing commerce tensions between the world’s two largest petroleum customers.

U.S. crude oil was up $2.52, or 4.1%, to $63.54 per barrel. World benchmark Brent rose $2.33, or 3.65%, to $66.24 per barrel.

Washington and Beijing agreed over the weekend in Switzerland to slash sky high tariff rates by 115%, U.S. Treasury Secretary Scott Bessent mentioned Monday. The decrease tariff fee will stay in place for 90 days because the world’s two largest economies proceed to barter, Bessent mentioned.

“I’d think about within the subsequent few weeks we will likely be assembly once more to get rolling on a extra fulsome settlement,” Bessent mentioned on CNBC’s “Squawk Box.”

U.S. tariffs on Chinese language imports now stand at 30%, whereas Beijing’s tariffs on American items at the moment are 10%. The earlier charges had successfully amounted to a commerce embargo, Bessent mentioned beforehand.

Oil costs had plunged the lowest level in four years earlier this month as President Donald Trump’s world tariff regime raised the danger of a recession that might gradual demand. On the similar time, OPEC+ has agreed to rapidly increase supply to the market this month and subsequent.

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