The Aug’25 Brent crude futures opened at $66.40/bbl on Monday morning, found support at $66.10/bbl and climbed to $66.60/bbl by 11:00 BST (time of writing). In the news, Venezuela plans a 50% fuel price hike to $0.75/litre as it scrambles to offset lost oil revenue following the exit of Chevron and other foreign operators. China’s daily crude oil imports fell to their lowest level in four months during May, following increases in March and April mid a downward price trend. Iran is set to respond to a new US nuclear proposal on Monday, amid heightened tensions following an IAEA report on Iranian implosion tests and Tehran’s claims of acquiring sensitive Israeli intelligence. The U.S. expects Russia’s full retaliation for Ukraine’s recent drone attack to be a large-scale, multi-pronged strike involving missiles and drones, with symbolic targets likely. The U.S. and China are set to resume trade talks in London focused on rare earths and advanced tech, aiming to revive stalled agreements and ease tensions amid mutual economic pressures and strategic rivalry. Finally, the front (Aug/Sep) and 6-month (Aug/Feb) Brent futures spreads are at $0.73/bbl and $1.89/bbl respectively.
