International crude oil prices rose over 3% on April 17, supported by optimistic expectations of a potential trade deal between the US and the EU. Mizuho’s Energy Futures Director, Bob Yawger, stated that a trade deal with the EU could help mitigate the decline in oil demand caused by Trump’s tariff hikes.

West Texas Intermediate (WTI) crude for the May delivery increased by US$2.21 (3.54%), reaching US$64.68/barrel on the New York Mercantile Exchange. Brent crude for the June delivery rose by US$2.11 (3.2%), settling at US$67.96/barrel.