April 15, 2025
The prices of crude oil increased in the global commodity market, amidst the U.S. and Iran nuclear talks, while in the latest round of tariff confusion, the U.S. announced additional tariff exemptions and OPEC+ maintained its plan to boost supply in May.
The international benchmark, Brent crude, increased by around 0.57%, from previous session’s $64.55 to trade at $64.92 per. The US benchmark West Texas Intermediate, WTI, rose about 0.55%, from $61.16 to settle at $61.50 per barrel.
Oil prices were supported by the US announcement of additional tariff exemptions, but gains faded swiftly as renewed trade tensions revived concerns over global demand.
The US granted exemptions for certain technology products, including smartphones, computers, and related devices, from its reciprocal tariffs applied to other countries, including China.
READ MORE; Trump Tariffs: China retaliates with 34% tariffs on US imports.
US President Donald Trump, on Sunday, denied reports that his administration had formally approved such exemptions, contradicting earlier suggestions that consumer electronics would be spared from the sweeping tariff measures.
On his Truth Social account said, ‘NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non-Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst.”
Meanwhile, data had showed a decline in crude oil production by the Organization of Petroleum Exporting Countries (OPEC) is fuelling supply concerns among market participants, pushing prices higher.
According to OPEC’s monthly oil market report, the group’s crude oil production fell by 78,000 barrels per day (bpd) in March to 26.776 million bpd. During the same period, total crude oil production by the OPEC+ group—which includes OPEC and some non-OPEC producers—decreased by 37,000 bpd to 41.02 million bpd.
Talks between the US and Iran which are expected to shape the future of US sanctions on Iranian oil exports as traders are also closely monitoring it.
Iran’s Foreign Ministry said the next round of talks with the US will be held Saturday in Muscat, Oman. On Monday, Trump downplayed the difficulties in negotiations with Iran over the country’s nuclear program, saying the ongoing talks are almost ‘easy.’
