Oil prices maintain upward trend on US-EU trade deal hopes

Oil prices maintain an upward trend on Friday, driven by hopes for a trade deal between the US and the European Union, as well as new US sanctions targeting Iranian fuel exports, Reuters reports.

The other day, US President Donald Trump and Italian Prime Minister Giorgia Meloni held talks in Washington to address ongoing trade disputes. According to the American leader, making a deal with Europe shouldn’t be too difficult. Mizuho's Bob Yawger suggests a successful agreement could help offset the slump in oil demand triggered by US import tariffs.

The latest US restrictions have ratcheted up pressure on Tehran, with Again Capital's John Kilduff warning the measures could tighten global oil supplies. Washington also targeted Chinese refining facilities and trading companies involved in shipping Iranian crude to the country.