Crude Oil Climbs on Aug 12 Ahead of Trump-Putin Talks, Inflation Report

On Tuesday, as of 9:57 AM, WTI crude was trading at $64.20 (+0.24, +0.38%) while Brent crude stood at $66.91 (+0.28, +0.42%).

Tariff Truce Boosts Market Sentiment

Oil prices rose on Tuesday as the United States and China extended their pause on higher tariffs, easing concerns that an escalation of their trade dispute could dent economic growth and, in turn, weaken global fuel demand.

Brent crude futures were up 26 cents, or 0.39%, at $66.89 a barrel by 0015 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 22 cents, or 0.34%, to $64.18.

The price movement reflects optimism after U.S. President Donald Trump extended the tariff truce with China by 90 days. This decision delays triple-digit duties on Chinese imports, a relief for U.S. retailers ahead of the crucial holiday shopping season and a signal of potential progress toward a broader trade agreement.

Geopolitical Watch: Trump-Putin Meeting

Investors are also closely monitoring the upcoming August 15 meeting between Trump and Russian President Vladimir Putin in Alaska. The talks aim to negotiate a resolution to the war in Ukraine, with high stakes for global oil flows.

The U.S. has warned of harsher penalties on Russian oil buyers, including China and India, if no peace deal is reached. Trump has pressed India to cut purchases of Russian oil and threatened China with secondary tariffs should it continue buying. However, the risk of such sanctions appears to have eased ahead of the summit.

Macroeconomic Factors in Play

Adding to the market’s focus is upcoming U.S. inflation data, expected later in the day. Any sign that the Federal Reserve may lean toward cutting interest rates could support crude prices by boosting economic activity and fuel demand.

Also Read: Best Oil and Gas Stocks in India in August 2025!

Conclusion

Oil markets are finding support from a mix of eased trade tensions between the world’s two largest economies and the potential for geopolitical breakthroughs in Ukraine.

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