Oil prices rose on Friday as U.S. buyers covered positions ahead of the three-day Memorial Day weekend amid concerns over ongoing nuclear talks between the U.S. and Iran.
Brent crude futures closed at $64.78 a barrel, up 34 cents or 0.54%, while U.S. West Texas Intermediate crude futures settled at $61.53, gaining 33 cents or 0.54%.
The Memorial Day weekend marks the start of the U.S. summer driving season, a period of peak demand for motor fuels. Negotiations between U.S. and Iranian officials in Rome aimed at limiting Iran’s nuclear program have raised fears that crude supplies could be disrupted if no agreement is reached.
President Donald Trump announced plans to impose a 50% tariff on European Union goods starting June 1, citing trade difficulties with the bloc. Meanwhile, the OPEC+ group, including OPEC members and allies led by Russia, is expected to increase oil output by 411,000 barrels per day in July.
The group has been gradually rolling back voluntary production cuts, having already raised targets for April, May, and June, with plans to possibly end the cuts by October.
