Crude oil futures closed higher on Friday amid optimism about US trade policy following Monday's US-China trade deal temporarily slashing steep tariffs on each other's goods. Besides, the hopes surrounding trade helped offset concerns about supply amid indications the U.S. is close to reaching a nuclear deal with Iran. More petroleum could be set to flow into global markets if the U.S. eases sanctions against Iran, which is a major producer of oil. Meanwhile, traders shrugged off the International Energy Agency’s prediction of global oil demand growth to slow down during the remainder of 2025 after a robust first quarter due to economic headwinds.
Benchmark crude oil futures for June gained $0.87 about 1.41%at $62.49 a barrel on the New York Mercantile Exchange. Brent crude for July delivery surged $0.88 or 1.36% to settle at $65.41 a barrel on London's Intercontinental Exchange.