WTI Oil Surges Past $64.50 as Saudi Arabia Eyes August Price Hike for Asia

WTI Jumps to $64.60 as Saudi Arabia Set to Hike August Oil Prices for Asia

West Texas Intermediate (WTI) crude oil price continued its upward momentum on Tuesday, reaching $64.60 during European trading. The bullish move is driven by expectations that Saudi Arabia, the world’s largest oil exporter, will raise its August Official Selling Prices (OSP) for Asian buyers to their highest in four months.

Saudi Price Hike Supports Oil Bulls

According to a Reuters survey citing five sources, the price of Arab Light crude could increase by $0.50 to $0.80, reaching $1.70–$2.00 per barrel above the Oman/Dubai average. This potential hike reflects strong seasonal demand and the geopolitical premium from ongoing Middle East tensions.

Tariff Softening Lifts Market Mood

In parallel, oil prices are buoyed by improved sentiment in broader markets. Reports suggest that President Donald Trump’s top trade officials are pulling back from ambitious tariff deals, instead focusing on phased agreements. According to the Financial Times, US negotiators are racing to finalize deals with top trading partners by July 9, the deadline when Trump has threatened to restore his most severe tariffs.

What’s Next for Oil Traders?

Attention now turns to the upcoming US jobs report, expected to influence the Federal Reserve’s July rate decision. With oil sensitive to monetary policy and economic outlooks, any surprises could drive further volatility in crude prices.

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