Oil prices rise amid potential changes in China’s import policy
Oil prices have started to rise again, adding 2% in value against the backdrop of geopolitical and economic changes. Experts predict that the resumption of oil imports by China may lead to a price surge by mid-summer.
Brent oil jumped to $96.21 per barrel on the morning of May 28, which is 2% more compared to the previous day. West Texas Intermediate (WTI) also rose to $90.36, up by 1.9%. According to Bloomberg, the price increase is driven by market expectations regarding the possible end of the trade standoff between the U.S. and Iran.
Negotiations between these countries remain complicated, especially concerning Iran’s nuclear program and control over the Strait of Hormuz. The American president has expressed dissatisfaction with the progress of the talks, while the White House has dismissed information about a deal involving Iran and Oman.
Analysts warn that if China resumes oil imports after depleting its strategic reserves, it could lead to a sharp rise in prices. In such a case, financial markets may face a resurgence of inflationary pressure, increasing bond yields and creating new challenges for economic stability.
| Parameter | Brent | WTI |
|---|---|---|
| Price (dollars per barrel) | 96.21 | 90.36 |
| Change (%) | 2% | 1.9% |
