Muscat: Oil today extended gains, lifted by hopes of improved economic activity after the US-EU trade deal, a potential US-China tariff truce and President Donald Trump’s shorter deadline for Russia to end the Ukraine war. Brent crude futures were up 24 cents, or 0.34%, to $70.28 a barrel, while US West Texas Intermediate crude was at $66.93 a barrel, up 22 cents, or 0.33%.

According to Oman News Agency, both contracts settled more than 2% higher in the previous session, and Brent yesterday touched its highest level since 18 July 2025. The positive momentum in oil prices is attributed to the market’s optimism surrounding geopolitical developments and trade relations between major global powers. The US-EU trade agreement is seen as a significant step towards stabilizing international trade, which in turn is expected to bolster economic growth and increase energy demand.